Ideal Home House, Newark Road, Peterborough, Cambridgeshire, PE1

Property specification

• Situated on the established Eastern Industry Industrial Estate just to the north east of the City Centre. Constructed in 2001 and comprising a purpose built warehouse, together with 3 storey offices and TV studios.
• Accommodation totals approximately 11,512 sq m (123,913 sq ft). Building footprint of approximately 7,689.3 sq m (82,770 sq ft) - site cover of only 30%.
• Generous site area of 2.55 hectares (6.31 acres). 5 year lease from 21 October 2022 to Sports Direct.com Retail Limited expiring 20 October 2027, contracted out of the Security of Tenure provisions of the 1954 Landlord & Tenant Act.
• Full repairing and insuring terms subject to a Schedule of Condition. Year 1 rent £625,000 (50% for first 6 months) stepping up to £650,000 per annum from 21/10/2023 (£5.57 per sq ft & £2.00 per sq ft on the mezzanine) for remainder of the term.
• Entirely sub-let to Ideal World Limited expiring 17 October 2027. Sports Direct.com Retail has a Dun & Bradstreet rating of 5A2.
• Future potential for redevelopment/alternative uses; HQ in the advanced manufacturing, innovation/R&D, scientific and logistics sectors.
• Offers are invited in excess of £8,100,000 subject to contract and exclusive of VAT, assuming the rent is topped up to £650,000 by the Vendor until October 2023. This equates to £65.36 per sq ft overall.
• A purchase at this level will reflect a net initial yield of 7.52% assuming purchaser's costs of 6.67%.
• £8,100,000 / NIY 7.52%