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    Key features

    • To be offered on Tuesday 23 July
    • Long Income Investment Opportunity
    • Let to SUEZ Recycling and Recovery
    • Lease Expires 03/01/2038 (14 Years Unexpired)
    • Producing £177,912 per annum
    • Rent Reflects a Low £5.00 per sq ft
    • Annual CPI Linked Uplifts (1%-4%)
    • Tenant's Option to Renew
    • 35,547 sq ft (3,302.31 sq m)
    • Site Area - 5.79 acres (2.345 hectares)
    • Low Site Cover of 14.5%
    • Adjacent to M55 Motorway
    • Guide Price Reflects 8.00% Gross Yield

    Description

    The property comprises a rarely available industrial investment opportunity let to the undoubted covenant of SUEZ Recycling and Recovery, one of the UKs largest waste management businesses.

    Arranged across a site of 5.79 acres (2.345 hectares), the property is used as a recycling and waste management centre and occupies a prime pitch on the outskirts of Blackpool and adjacent to the M55 motorway.

    The property is let to SUEZ Recycling and Recovery UK Limited on a 25 year lease expiring 03/01/2038 and paying £177,912 per annum, the lease includes annual uplifts in line with CPI (cap and collar of 1%-4%) and the tenant benefits from an option to extend the lease for a term of either 15 or 25 years upon expiry.

    Additional information

    Tenure

    Freehold

    Tenancy

    The property is let on a 25 year lease expiring 03/01/2038 to SUEZ Recycling and Recovery UK Limited and paying £177,912.90 per annum.


    The lease includes a Guarantor Agreement with SUEZ Recycling and Recovery Holdings UK Limited.


    The lease is on full repairing and insuring terms and includes annual uplifts in rent linked to the Consumer Price Index (CPI) with a "cap and collar" of 1%-4%.


    The lease includes a tenant's option to renew (exercisable for 6 months prior to 03/07/2037) for a term of either 15 or 25 years on the same terms and paying Market Rent.


    SUEZ Recycling and Recovery UK Limited (Tenant)


    • D&B Rating: 5A2
    • Turnover (2022): £765m
    • Pre Tax Profit (2022): £15.95m
    • Employees: 3,967


    SUEZ Recycling and Recovery Holdings UK Limited (Guarantor)


    • D&B Rating: 5A2
    • Turnover (2022): £975m
    • Pre Tax Profit (2022): £45.79m
    • Employees: 5,571

    Planning

    Whilst there are no extant planning consents, the property has an extremely low site coverage of approximately 14.5%. We therefore consider that there may be a long-term opportunity to increase massing on the site (subject to the existing lease and any requisite consents).

    Rent

    £177,912 per annum

    Notes

    We understand the property is elected for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC)


    Joint Agent


    Joseph Kemp

    Savills - UK Investment

    07866 203 541

    joseph.kemp@savills.com

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      Local information

      The property benefits from unrivalled road communications and sits near the junction of the A583, a key arterial route leading to the centre of Blackpool, and the M55 motorway, which provides direct access to the M6.

      Legal documents

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      EPC rating

      The EPC rating for this property is C

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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