A great opportunity to purchase a large warehouse investment, close to Douglas Town Centre
and comprising of circa 15,918 sq ft of space.
The property is let in its entirety to Magnet (IOM) Limited, guaranteed by Magnet
Limited. The Tenants have been in occupation of the building for over 25 years and
have just extended their lease for a further 5 years to 28th September 2029.
Situated just off South Quay, the Magnet Depot is perfectly situated within easy
access of the town and all amenities.
With parking to the front and side of the property, two larger roller shutter doors, and
a recently upgraded Showroom area, this represents a rare chance to purchase such
a substantial warehouse/logistics unit so close to town with excellent access onto
South Quay and the main road network.
Overview
LOCATION
Traveling along South Quay, take the turning up
Head Road at the roundabout, where the
property can be found on the right-hand side,
within a small complex of industrial buildings,
and close to the South Quay Industrial Estate.
ACCOMMODATION
Excellent frontage, facing directly onto Head Road.
Total agreed area of circa 15,918 sq ft comprising:
• Main warehouse (including administrative
offices) – Approx. 14,192 sq ft.
• Retail Showroom – Approx. 1,726 sq ft.
LEASE TERMS
The existing long-term lease to Magnet was
amended by Deed of Variation dated 18th
October 2024 to extend the lease to 28th
September 2029.
If the lease is further extended, then the rent will
be reviewed from that date.
RENTAL
The passing rental is now £115,000pa, reflecting
only £7.00psf on the warehouse space, and
£9.00psf on the Showroom, which compares
favourably with other lettings around the
Douglas area allowing good upside rental growth
potential.
PRICE
Offers are invited in the region of £1,495,000
exclusive representing a gross initial yield of 7.6%.
A great opportunity to purchase a large warehouse investment, close to Douglas Town Centre
and comprising of circa 15,918 sq ft of space.
The property is let in its entirety to Magnet (IOM) Limited, guaranteed by Magnet
Limited. The Tenants have been in occupation of the building for over 25 years and
have just extended their lease for a further 5 years to 28th September 2029.
Situated just off South Quay, the Magnet Depot is perfectly situated within easy
access of the town and all amenities.
With parking to the front and side of the property, two larger roller shutter doors, and
a recently upgraded Showroom area, this represents a rare chance to purchase such
a substantial warehouse/logistics unit so close to town with excellent access onto
South Quay and the main road network.
Recently Viewed Properties
Sold
Magnet Investment, Head Road, Douglas
£1,495,000
Tenure
Freehold
Type
Investment
Status
Sold
Area (sq.ft)
15,918
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