About this property
The property comprises a substantial steel portal frame unit, benefitting from a generous 7.5m/24' 6" clear height, two large front service doors, including offices and welfare facitilies to the side. The unit sits to the rear of a large 3.66 acre site, leaving a large proportion of the site as open yard with full perimeter security fencing. Only 20% exisitng site coverage.
Enterprise Way is located in the heart of the town's commercial and industrial area, near various retail parks and the A47. Allied with commercial vehicle operators including SB Components, Priden Engineering and Bailey Ltd, and is accessed from the main Cromwell Road. The town cetnre is a short distancd to the north and the A47 is approximately half a mile to the south.
Wisbech is a traditional Fenland town situated on the A47, approximately 14 miles west of King's Lynn, and 22 miles east of Peterborough, the regional centre. Wisbech, with a population of 20,000 has a range of shopping facilities, primary and secondary schools and local amenities.
The property has the following (approximate) floor area:
Factory/Warehouse: 2,939.8 sq m (31,644 sq ft)
Including welafre facilities and offices.
Overall: 2,939.8 sq m (31,644 sq ft)
Site area: 1.48 hectares/3.66 acres
We understand mains drainge, water and three phase electricity supplies are connected.
We have not carried out tests on any of the services or appliances and interested parties should arrange their own test to ensure these are in working order.
Strictly by appointment with the Selling Agent.
VAT will not be charged upon any sale price negotiated.
Each party will be responsible for their own legal costs incurred in documenting the sale.
The property is let to Dawbarn & Sons Limited on a 10 year full insuring and repairing lease subject to photographic record from 30th September 2022 at a intital rent of £135,000 pax.
The lease is subject to a mutual Landlord and Tenant break at the end of year 5 along with a 5 yearly rent review to open market.
Dawbarn & Sons Limited was established over 100 years ago and is one of the UK's leading suppliers to the road transport industry. Dawbarn & Sons Limited is a leading manufacturer in the UK of trailer sheeting serving systems serving the construction, waste, agricultural and biomass industries.
Year Ending Current Assets Net Current Assets Net Assets
31/03/2020 £62,678,234 £1,512,168 £2,746,823
31/03/2021 £3,382,157 £1,602,832 £2,850,426
31/03/2022 £3,481,475 £1,628,872 £3,130,071
In September 2022 the company was acquired by Shur-Co Holdings Ltd a wholly owned subsidiary of US-based Shur-Co LLC, one of America's leading cargo covering and cargo control system manufacturers and owner market leading brands, which, in turn is part of Behrman Capital https://www.behrmancap.com/ . Shur-Co LLC has also owned and operated its own UK subsidiary - Shur-Co UK Ltd - for a number of years.
The property is offered for sale freehold. Guide Price £1,850,000
This shows a yield of 6.88% after Stamp Duty and acquisition costs (1.6%).