Cromer Road, North Walsham

Freehold builders merchant and modern trade investment let to MKM Building Supplies Ltd, the UK’s largest independent builders’ merchant.

• Property specification

  • Extending to 15,039 sq ft GIA. There is an internal mezzanine providing an additional 5,655 sq ft GIA.
  • EPC Rating: B (28).
  • Low site coverage of approximately 12%.
  • Site extends to 2.91 acres (1.18 hectares).
  • Let to MKM Building Supplies Ltd (5A3 D&B) on a 20-year FRI lease from 18 October 2022, with 16.71 years unexpired.
  • Passing rent of £192,575 per annum, with a low rent breakdown of approximately £6.78 psf on the industrial and £0.92 on the additional yard, subject to 5-yearly RPI-linked rent reviews annually compounded (collared at 1% pa and capped at 3% pa).
  • Next rent review on 18th October 2027.
  • We are instructed to seek offers in excess of £2,785,000, subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 6.50% after purchaser’s costs of 6.42%.