Location

The property occupies a 30m frontage to the Eastern side of River Road, forming the main access leading to Barking Reach, where it is proposed that Smithfield, Billingsgate and New Spitalfields markets will be relocated. The Estate adjoins the A13 at Movers Lane, less than 2 miles from the A406 immediately to the West. Barking Station is approximately 3 miles away, providing a c2c link to London (Fenchurch Street) in approx. 15 minutes.

The property

A detached self-contained modern unit of steel portal frame construction to an eaves height of approx. 5m, with an apex height of approx. 8m. The elevations are fully profile clad beneath a shallow pitch insulated roof incorporating roof lights. Three electrcially operated loading doors provide access to the main unit, which, has 3-phase power and a gas supply. The unit includes an inspection pit and rolling roads for the purposes of commercial vehicle MOT’s etc. A separate pedestrian door  leads to two storey office and welfare accommodation within a self-contained area. This space is double glazed and largely air-condioned.

Externally, there is a sizeable concreted, fenced and gated private yard with gated access to River Road and the side Estate Road.

A site plan is outlined overleaf for identification purposes only.

Accommodation The approximate gross internal floor area is:

*UNDER OFFER*

Unit                                         5,287sq ft             491.3 sq m

Office/ancillary                     3,213 sq ft            298.8 sq m

Total                                       8,500 sq ft           790 sq m

Front yard                              8,100 sq ft            753 sq m

The site area is approx. 0.35 acre providing a site density of approx 46%.

Tenure

Freehold for sale subject to lease as below. Our client will pay a contribution towards on-site security and communal costs relating to the adjoining Estate, further details of which are available on request.

Energy Performance Certificate

The Rating is D78.

Lease

Our Client, Boleyn Recovery & Fleet Services Ltd. currently occupies the property and is proposing to enter into a new full repairing and insuring lease for 15 years at an initial rent of £106,250 pax, (£12.50 per sq ft) subject to rent reviews every 5th anniversary and a tenant only option to break on expiry of the 5th year subject to 6 months prior notice. There is to be a Schedule of Condition and the lease is to be drafted inside the Landlord & Tenant Act.

Covenant

Boleyn Recovery & Fleet Services Ltd (Company no. 04348405) was incorporated in 2002 being engaged in the commercial vehicle maintenance and recovery industry. The company has contracts with the London Fire Brigade, other emergency services, as well as National bus operators and Local Authorities. Our client owns and occupies approx. 2.5 acres immediately to the rear of this property. In the year to 31st March 2019, the turnover was £4.3M with a Gross Profit of £1.1M. Net assets were £1.75M. Accounts are available on request.

Proposal

£1,950,000 is sought for the freehold, subject to lease as described.  A purchase at this level represents a NIY of 5.19% allowing for costs at 4.9%. VAT is payable. *UNDER OFFER*

Legal costs

Each party is to be responsible for the payment of their own legal costs incurred.

Money Laundering Regulations

Due to recent money laundering regulations, all Tenants and Purchasers when making an offer on a property will need to provide a copy of their current Passport photo page and a recent Utility Bill confirming their current address.

Agent’s Note

All figures are quoted exclusive of VAT.

No warranty is given in respect of the current planning use and none of the amenities or fixtures and fittings have been tested.

The site area has been calculated via Promap digital mapping and should be verified on site in due course.

Enquiries/viewing

 Strictly by prior arrangement with sole agents Branch Associates on 01708 860696/ 07775 804842 or jb@branchassociates.co.uk Contact Johnathan Branch