Greater London industrial investment with significant inherent reversion. Prime industrial estate comprising 3 urban logistics facilities in the heart of Purley Way. Fully leased to Pulsant Limited, one of the UKs leading co-location data centre operators. Highly wedded tenant, operating the facility as a co-location data centre with 1.5 MVA of power and a further 1.2 MVA immediately accessible. Three high quality urban logistics units totalling 42,119 sq ft GEA, on a site of 2.06 acres offering a low site cover ratio of just 47%. The estate produces a rental income of £637,293 pa, reflecting a highly reversionary £15.13 psf, with local rents now achieved in excess of £20.00 psf. The estate offers an attractive WAULT of 11.40 years to expiries and 1.40 years to breaks. The estate is held Long Leasehold for a term of 150 years from 20th January 2000.
Additional Information
Sales process
We are instructed to seek offers in excess of £10,520,000 subject to contract and exclusive of VAT. A purchase at this level (after deducting the headlease payaway of 7.5% of rents received) reflects a highly reversionary net initial yield of 5.25% (assuming purchasers costs of 6.8%), and a very low capital value of £250 psf.
Overview of the tenants
Pulsant Limited The property is leased in its entirety to Pulsant, a leading co-location data centre operator in the UK. Croydon LN-1 forms part of a 12-site network across the UK, providing high-performance, low-latency access to digital infrastructure.
Other relevant information
The property is elected for VAT, and as such it is anticipated that a sale will proceed by way of a Transfer of Going Concern (TOGC).
