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Ideal Home House, Newark Road, Peterborough, Cambridgeshire, PE1

Tenure Freehold
Size 123,913 sq ft
Details £8,100,000 / NIY 7.52%

HQ & DISTRIBUTION WAREHOUSE INVESTMENT FOR SALE

  • Property specification

    • Situated on the established Eastern Industry Industrial Estate just to the north east of the City Centre. Constructed in 2001 and comprising a purpose built warehouse, together with 3 storey offices and TV studios.
    • Accommodation totals approximately 11,512 sq m (123,913 sq ft). Building footprint of approximately 7,689.3 sq m (82,770 sq ft) - site cover of only 30%.
    • Generous site area of 2.55 hectares (6.31 acres). 5 year lease from 21 October 2022 to Sports Direct.com Retail Limited expiring 20 October 2027, contracted out of the Security of Tenure provisions of the 1954 Landlord & Tenant Act.
    • Full repairing and insuring terms subject to a Schedule of Condition. Year 1 rent £625,000 (50% for first 6 months) stepping up to £650,000 per annum from 21/10/2023 (£5.57 per sq ft & £2.00 per sq ft on the mezzanine) for remainder of the term.
    • Entirely sub-let to Ideal World Limited expiring 17 October 2027. Sports Direct.com Retail has a Dun & Bradstreet rating of 5A2.
    • Future potential for redevelopment/alternative uses; HQ in the advanced manufacturing, innovation/R&D, scientific and logistics sectors.
    • Offers are invited in excess of £8,100,000 subject to contract and exclusive of VAT, assuming the rent is topped up to £650,000 by the Vendor until October 2023. This equates to £65.36 per sq ft overall.
    • A purchase at this level will reflect a net initial yield of 7.52% assuming purchaser's costs of 6.67%.
    • £8,100,000 / NIY 7.52%
  • Description

    Freehold headquarters/warehouse facility

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07771 997374
james.keys@bidwells.co.uk

Location

Train Stations:

  • Peterborough

    2.96km

  • Peterborough

    3.02km

  • Whittlesey

    7.32km

  • Stibbington

    12.25km

Property Advisors

602240

James Keys

Partner, Capital Markets

James is no stranger to the investment world, having been part of it for over three decades.

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Lucy Young

Lucy Young

Partner, Capital Markets

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Thomas Handy

Surveyor, Capital Markets

Thomas is a Surveyor working on acquisitions and disposals in our capital markets team.

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