The 17,107 sq ft warehouse was constructed in the late 1980s/early 1990s of steel frame with sheet metal cladding. There are intermittent glazed sections on the roof. There are two service drive-in loading doors, which are covered by a canopy.
Eaves height of 6.0m (5.0m to the underside of the steelwork). Along the Brick Close elevation there is a single storey office with mezzanine storage above. The offices have been partitioned and are finished to a standard specification. The site area is 1.06 acres, equating to a site coverage of 35%. There is parking for 26 cars.
Brick Close is a cul-de-sac at the southern end of Pitfield Road which is the main road running through the Kiln Farm Employment Area, The estate is well kept and the surrounding buildings are of similar specification. Major occupiers include WD-40, Norbert Dentressangle, Royal Mail and Hewlett Packard.
The property is let to MacFarlane Merchanting Ltd until 2021. Macfarlane Group Plc, the guarantor, is a leading UK distributor of packaging consumable products
Tenure: 999 year lease with a ground rent of £2.0 per annum
Structure
The property was part of the Sapphire Portfolio (Part). See ‘Sapphire Portfolio (Part)’ section for further details.
Asset Management/Value-Add
Negotiations with sub tenant regarding potential purchase of virtual freehold. Offer not attractive enough to override strategy to sell portfolio as a whole.
