Stoneferry Road, Kingston upon Hull_Property for Sale

Stoneferry Rd, Kingston upon Hull, East Riding of Yorkshire, HU8 8DE, UK

Stoneferry Road, Kingston upon Hull

Asset Description

The property comprises a warehouse and trade counter unit which includes offices at ground and first floor levels. There are also two additional freestanding storage units and an extensive yard area. The property is the headquarters for the MKM business and one of three locations serving Hull and the surrounds.

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Attributes

Asking price

MYR 29,882,000

Building area gross

4,121 m²

Occupancy

100%

WAULT

12 years

Media

Investment Highlights

Modern, single-let trade counter investment opportunity.
Located in a prominent position in Hull, fronting the A1165 Stoneferry Road, the primary road linking the north and south of Hull City Centre.
Accommodation extending to 48,786 sq ft (4,532 sq m).
Let to MKM Building Supplies Limited, until December 2036 for use as their UK Headquarters and MKM’s largest trading builders merchant site.
In excess of 12 years unexpired.
Current rent of £402,406 per annum (£8.25 psf).
5 yearly rent reviews to the higher of 125% OMRV or 2.5% per annum compounded, at the next review this would represent a minimum rental uplift to £455,926 per annum.
The site extends to 3.63 acres reflecting a low site cover of 28%.
Part Freehold and part Long Leasehold.
Our client is seeking offers in excess of £5,000,000 (Five Million Pounds) subject to contract and exclusive of VAT.
A purchase at this level reflects an initial yield of 7.55%, after the deduction of purchaser’s costs of 6.59%, with a capital value of £102 psf.