Property overview

Howdens Joinery, Marriot Road, Mexborough, S64 8BP

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Apr 2014

Franck Steier Price has recently completed the acquisition of a Howden Joinery unit on behalf of Wulstan Capital.

The property is located on an established trade counter and industrial estate in Mexborough, Yorkshire.  The property comprises a warehouse unit of 8,848 sq.ft and a development site with planning consent for a warehouse unit of 4,500 sq.ft.

The warehouse unit is let to Howden Joinery Properties Ltd with guarantee from Howden Joinery Ltd for a term of 15 years from September 2013 at a current rent of £52,765 per annum.  The lease is held on full repairing and insuring terms subject to 5 yearly reviews to open market value.   

The purchase price of £712,500 reflected a net initial yield of 7.00% after purchaser’s costs of 5.80%.

The vendor was a private investor represented by GVA.