4 Waldridge Way, Simonside East Industrial Estate, South Shields, South Tyneside, NE34

Description

The unit is detached and of steel portal frame construction with insulated profile clad elevations above dado blockwork leading to a roof of the same specification and incorporating 10% translucent roof panels.

The warehouse has a minimum eaves height of 5m (6.8m at the apex) with a single 'up and over' electric loading door leading to a secure private concreted yard. There is a 3-phase electrical supply and lighting via suspended LED units.

To the front of the unit is single storey office accommodation with specification including gas central heating, double glazed windows dado trunking. There is also private parking provided for up to 12 cars.

Above the offices there is a mezzanine storage area with staircase from the warehouse. We understand that a small portion of the mezzanine is a tenants addition.

Location

The property is located on Simonside Industrial Estate which is an established commercial location just ff the A194 which links South Shields with the A19 and A1(M). The estate is well serviced being close to Simonside Metro Station and principal bus routes. Local facilities include Tesco, McDonalds, Burger King and a pub/hotel within easy walking distance. South Shields Town Centre is approximately 1 mile to the east whilst the Tyne Tunnel is approximately 2 miles to the west.

Tenure Comments

The property is held by way of a long ground lease at a peppercorn for a term expiring 25th June 2133 (108 years unexpired).

Tenancy

The unit is let to Derek Alan Mole and others (t/a GRC Filtration Limited) for a term expiring on 17th October 2030. The passing rent is £52,000 per annum (£6.82psf) subject to upward only open market rent review on 18th October 2027. The property is held by way of a full repairing and insuring lease without schedule of condition.

Tenant
The lease is in the name of Derek Alan Mole and others, who are directors of GRC Filtration Ltd

GRC Filtration is a family run business with over 30 years' experience working in the Water Treatment Industry.

GRC are sub-contractors working throughout the UK for most of the UK's leading filtration specialists, local authorities and M.O.D.

The company offer a vast range of services and equipment from balance tank cleans to complete plant replacements.

Price
Seeking offers in excess of £700,000 exc. VAT. This shows a net initial yield of 7.05% and low capital value of £90 psf, significantly below replacement cost.