Home > Auctions > 18 & 19 March 2025 18 March 2025 - 9:00am > Lot 187

18 & 19 March 2025: Tuesday 18 March 2025 - 9:00am
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    Key features

    • To be offered on Wednesday 19 March
    • A self contained secure site on the established Freebournes Industrial Estate
    • Arranged on a site of 1.5 acres
    • Entirely let to Truckeast Limited subject to a Schedule of Condition for a term of 10 years from the 29th September 2024
    • VAT is applicable
    • Investment let at £175,000 per annum (7.00% GIY)

    Description

    The property is a fully self-contained and secure site located within the well-established Freebournes Industrial Estate, currently utilised for the maintenance and repair of heavy vehicles.


    The site features a concrete surface and includes two workshop buildings, collectively offering seven service bays. Positioned at the front, the original workshop has an eaves height ranging from 4.30m at its lowest point to a peak of 5.60m. A second workshop, constructed in 2016 at the rear of the site, consists of three bays and boasts a minimum eaves height of 4.90m, reaching a maximum of 6.00m at the apex.


    At the entrance, there is a dedicated customer reception and waiting area, alongside office spaces, staff welfare facilities, and a canteen.


    The office section, which underwent expansion and refurbishment in 2019, is presented to a high standard.


    Additionally, electric vehicle (EV) charging stations are installed outside the reception area.


    A new chassis wash bay is currently under construction at the rear of the property.

    Additional information

    Tenure

    Freehold.

    Accommodation

    Workshops - Total 8,930 sq ft (829.61 sq m)

    Reception/Office/WC's - Total 2,632 sq ft (244.55 sq m)

    Total - 11,562 sq ft (1,074.16 sq m).

    Tenancy

    The property is let to Truckeast Limited on a Full Repairing and Insuring Lease subject to a Schedule of Condition for a term of 10 years from the 29th September 2024 at a passing rent of £175,000 per annum.


    There is a Rent Review on the 29th September 2029.


    The lease is contracted outside of the security of tenure provisions contained within the Landlord and Tenant Act 1954 Part II.


    ----

    Truckeast Limited are an independently owned Scania dealer group with thirteen branches across the eastern counties. 


    Website: www.truckeastusedvehicles.co.uk


    For the year ended December 2023 reported:


    D&B Rating: 2A 2

    Turnover: £159.4m

    Pre-tax profit· £8.16m

    Shareholders Funds: £6.8m

    (Source: Icans 30/01/2025)

    Rent

    175000

    Notes

    Joint Agent

    James Wright

    Fenn Wright

    jw@fennwright.co.uk


    Please note the areas provided are approximate. The photos and any drawings are for illustrative purposes only and may not reflect the exact boundary of the property. The property has not been internally inspected by Savills. Prospective purchasers must rely upon their own enquiries in this regard. Please refer to the legal pack.


    Additional charges and fees might be charged by the seller and/or other third parties. You are strongly advised to read the Special Conditions of Sale for the Lot prior to bidding to check for any additional charges and fees.

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        Local information

        • Witham is a town situated in the Braintree district in Essex, situated approximately 9.9 miles to Chelmsford and 51.2 miles to Central London
        • The property is located on the established Freebournes Industrial Estate adjacent to the A12 which provides convenient access to Junction 28 of the M25 (22 miles) to the south and the east ports of Harwich and Felixstowe to the north east.
        • Access to the M11 and Stansted Airport is via the A120 from Braintree which is linked to Witham via the B1018.
        Transport

        Road - The A12 sits adjacent to the property, providing access to Junction 28 of the M25

        Rail - The nearest rail service is Witham Station which provides a frequent service to London Liverpool Street with a journey time of approximately

        Port - The international port of Felixstowe is located 40 miles from Freebournes Industrial Estate and is easily accessible via the A12 and A14. The route from Felixstowe Port follows the A12, passing by the industrial estate before connecting to the M25 at Junction 28, ensuring convenient transport links.

        Legal documents

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        EPC rating

        If no EPC rating appears please refer to the legal pack.

        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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