Kingstown Trade Park, Grearshill Road, Kingstown Industrial Estate, Carlisle, CA3 0ET
The property comprises 15 trade counter / industrial units with a total GIA of 77,406 sqft
Occupiers include Screwfix, Toolstation, Wolseley, James Hargreaves, Auto Windscreens and Greggs
WAULT to Expiry 6.3 years (WAULTB 3.7 years)
Long leasehold tenure. 123 years unexpired at a passing rent of £60,065 per annum
Total net rent after ground rent deduction (£433,585 per annum (£493,650 pa gross)
Significant reversionary potential given recent transactional evidence and constrained market supply (ERV (gross): £575,000 pa)
Chris Donabie
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Location
Carlisle is the administrative and commercial centre of Cumbria and has a resident population in the region of 110,000 (census, 2021). The city is located to the west of the M6 and is served by three motorway junctions.
The property is located on the popular Kingstown Estate which is the prime commercial estate in Carlisle. The wider Kingstown Estate is a mix of industrial
(trade counter, warehouse/logistics and manufacturing), out of town retail, roadside (car showroom, drive-thru and truck stop), supermarket and hotel uses.
The property occupies a prominent position facing onto Grearshill Road, with access to the busy A7 Kingstown Road, which links Carlisle city centre with Junction 44 of the M6 motorway. Junction 44 is a 3-minute drive time from the property.
Further to the west of Kingstown is Kingsmoor Park, a rapidly expanding Enterprise Zone development, which recently welcomed DPD into a new build 62,000 sq ft parcel delivery warehouse, and with other major occupiers including Cumberland Council, MKM and Mercedes.
Description
The property consists of three terraces of units each of steel portal frame construction with cavity brickwork walls to dado level.
The clear eaves height is approximately 5.35m.
The vendor has undertaken a programme of improvement works, most recently over-cladding the roofs of the front terrace (Units 1 - 7).
The units are accessed via single electrically operated roller shutter doors and benefit from extensive concrete loading areas which includes designated parking.
The estate benefits from a one way road system with access from Grearhill Road and exit onto Millbrook Road, ensuring steady traffic flow through the estate at all times.
Terms
The asset is held via a long ground lease from Cumberland Council. The ground lease was recently extended and now expires on 3rd January 2148, providing just over 123 years term certain, with open market rent reviews on every 5th anniversary. The next rent review is 4th January 2028.
The passing rent is £60,065 per annum. The rent is calculated on a per square yard basis (currently £3.40 psy).
Seeking offers over £5.0m (Five Million Pounds) exclusive of VAT, which is a low capital value of £65psf. After deducting the ground rent and standard purchaser's costs this shows:
8.14% Net Initial Yield
9.66% Reversionary yield