Cloverfield, Hinckley

The property comprises a modern semi detached industrial unit constructed of a steel portal frame and being clad with brick faced blockwork to half height and profile sheet steel above and to the roof. There are translucent roof lights fitted and the eaves height is 5.3m.

Internally, the property benefits from a pedestrian access door leading to reception/works offices, kitchen and WC facilities with further offices at first floor above. Access to the industrial area is via a roller shutter door (approx. 4m width x 4.5m height).

Externally, there is a concrete loading apron and parking for 8-10 vehicles.

The property is located on the Hinckley Fields Industrial Estate, which is situated on the northern fringe of the Hinckley conurbation. The nearby A47 allows easy access to the A5, and subsequently the M69, to the southwest of Hinckley, together with Leicester to the north east. Clover Park itself benefits from security gate access to the site.

Hinckley is a market town with a population in the order of 55,000 (Local Authority 112,000) lying approximately 13 miles to the south west of Leicester. The town enjoys good motorway communications with junction 1 of the M69, being located on the south eastern fringe of the conurbation approximately 2 miles from the town centre.

We understand mains gas, electricity, water and drainage are connected to the subject property. Heating is by way of gas fired central heating to the offices.

The Freehold interest in the property is available, subject to the lease in effect, at an asking price of £625,000, which reflects a Net Initial Yield of 6.87% based on the passing rent of £45,000 pax and a reversionary yield of 7.6% based on an estimated rental value of £8.50 per sq ft (£47,500 pax).

The property is let to Retropower Limited on an effectively IRI lease, expiring 27 June 2030, at a passing rent of £45,000 per annum exclusive. The lease is contracted out of the Landlord & Tenant Act 1954, incorporates an upward-only open market rent review in June 2027 and a tenant break option in June 2027, subject to six months' prior notice. The tenant contributes towards the recovery of insurance and estate service charge costs.

Each party to bear their own legal costs.

EPC Rating - D(86)