Manelli House, 4 Cowper Road, Gilwilly Industrial Estate, Penrith, Cumbria CA11 9BN
The subject land and property is located centrally within Gilwilly Industrial Estate, adjacent to Cowper Road and on the north western outskirts of Penrith, Cumbria in the North West of England.
Penrith is an attractive and affluent market town situated on the north east fringe of the Lake District. It is well located being on Junction 40 of the M6 providing direct access north and south and to the A66 which leads west to the Lake District National Park and east to Scotch Corner and the A1(M).
Penrith has a resident population of approximately 15,000 (2001 Census) and is located within Eden District with a District population of over 51,000. Carlisle is approximately 20 miles to the north, Kendal 32 miles to the south and Keswick 18 miles to the west. Penrith has a train station on the main West Coast Line with direct services north to Carlisle and Glasgow and South to London Euston with a journey time of around 3 hours.
Gilwilly Industrial Estate is accessed via the B5288 Newton Road which in turn leads to Haweswater Road connecting directly to the A592 and the M6 Junction 40/A66 interchange. The land and property are situated towards the southern end of Cowper Road, the central route through Gilwilly Industrial Estate and which connects with Gilwilly Road and the B5288 at the front of the estate. Surrounding occupiers include a mixture of warehouse, office, trade counter and car showroom occupiers, being one of Penrith’s most popular commercial locations.
The property provides a single storey office and warehouse building, constructed of brick with a flat asphalt covered concrete roof.
Unit 4A Manelli House is used and fitted out as offices. The accommodation briefly comprises an entrance porch, reception, open plan offices, archive storage, boardroom and male/female WCs. The offices have carpeted floors, plaster painted walls and ceilings, timber framed single glazed windows and it is understood that tenant is in the process of upgrading the heating system to include a new combination boiler that will supply hot water and wall mounted radiators throughout.
Unit 4B Manelli House comprises a separate attached warehouse that has been fitted out as a soft play childrens centre with open plan activity room, café and restaurant, kitchen and serving counter, separate playroom and WCs. The accommodation has a mixture of exposed painted block walls and plaster painted walls and ceilings, part vinyl/part solid concrete flooring and electric hot air blowers.
3A Manelli House comprises a separate self-contained outbuilding that is of single storey brick construction with a flat asphalt roof providing basic storage with a manual roller shutter door.
Externally, there is tarmacadam car parking to the front and side for approximately 31 vehicles as well as mature landscaping and the site is bounded predominantly with wire and steel post fencing.
The land and property is connected to mains supplies of electricity, gas, water and the mains drainage and sewerage systems. Each property is independently metered.
It is understood that the premises provide the following approximate gross internal measurements:
Unit 4A Manelli House 340.08m² (3,277 sq ft)
Unit 4B Manelli House 546.04m² (5,447 sq ft)
Unit 3A Manelli House 33.60m² (362 sq ft)
Total 883.72m² (9,512 sq ft)
Unit 4A Manelli House is let to M & E Partnership Limited t/a Manning Elliott Partnership on a six year lease commencing 15 April 2013 at a current passing rental of £10,000 per annum exclusive. The lease is drawn upon internal repairing and insuring terms with a service charge and buildings insurance recoverable from the tenant. M & E Partnership Limited were incorporated in February 1997 (Company Number: 03324055) and are a well-established architectural practice having an Experian Credit Score Reference of 80 ‘Low Risk’.
Unit 4B Manelli House is let to Little Pirates Nursery and Soft Play Limited on a six year term from 25 July 2015 at a current passing rental of £18,000 per annum exclusive subject to review at the third anniversary. The lease is drawn upon internal repairing and insuring terms with buildings insurance being recoverable from the tenant who is also responsible for the repair of the doors and windows. Little Pirates Nursery and Soft Play Limited (Company Number: 09698413) were incorporated in July 2015 and have an Experian Credit Score Reference of 17 ‘High Risk’ operating a public children’s soft play centre from the premises.
Unit 3A Manelli House is let on a 3 year lease commencing 28 June 2016 to Josh Newell for storage purposes only and at a passing rental of £1,440 per annum exclusive. The lease is drawn upon internal repairing and insuring terms.
The total passing rental is therefore £29,440 per annum breaking back to a low overall rate of £3.10 per sq ft.
The land and property are held on a long-leasehold basis from Eden District Council for a term of 149 years from 1 May 1977 with approximately 110 years unexpired and paying a current ground rental of £11,000 per annum. The ground rental is subject to five yearly reviews with the next review due 1 May 2017.
All figures quoted are exclusive of VAT where applicable.
According to the VOA website, the premises are assessed as follows:
Unit 4A Manelli House Rateable Value £9,700
Unit 4B Manelli House Rateable Value £18,750
Unit 3A Manelli House Rateable Value £1,600
ENERGY PERFORMANCE CERTIFICATES
It is understood that the properties have the following Energy Performance Asset Ratings:
Unit 4A Manelli House G163
Unit 4B Manelli House E115
Offers are invited with a guide price of £175,000 exclusive breaking back to a low capital value rate of £18.40 per sq ft and breaks back to an approximate gross yield of 10.5% after allowing for the deduction of the ground rental.
Each party is to bear their own legal costs in the preparation and settlement of the sale documentation together with any VAT thereon.
The property is available to view by prior appointment with the Carlisle office of Edwin Thompson LLP. Contact:
John Haley – [email protected]
Joe Ellis – [email protected]
Tel: 01228 548385
Edwin Thompson for themselves and for the Vendor of this property, whose Agents they are, give notice that:
1. The particulars are set out as a general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, any offer or contract.
2. All descriptions, dimensions, plans, reference to condition and necessary conditions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to their correctness.
3. No person in the employment of Edwin Thompson has any authority to make or give any representation or warranty whatsoever in relation to this property or these particulars, nor to enter into any contract relating to the property on behalf of the Agents, nor into any contract on behalf of the Vendor.
4. No responsibility can be accepted for loss or expense incurred in viewing the property or in any other way in the event of the property being sold or withdrawn.
5. These particulars were prepared in October 2016
• Popular Commercial and Trading Estate with good access to the M6
• High Profile Site on the main estate road through Gilwilly Industrial Estate
• Net Rent receivable £18,440 per annum exclusive
• Guide Price – £175,000 exclusive for the long-leasehold interest