Rare opportunity to acquire four prime multi-let industrial estates in the South of England. Locations include Peterborough, Harlow, Ashford and Poole. Total gross internal floor area of 329,141 sq ft. The portfolio comprises 32 units let to 26 tenants, with a WAULT of
6.1 years to expiries and 4.0 years to breaks. Total marketing rent of £3,016,014 per annum reflecting a low average rent of £9.16 per sq ft. Strong tenant credit with 70% of the income rated as ‘Low’ or ‘Very Low’ risk (Creditsafe). Low vacancy rate of 5%. Significant asset management opportunities available over the next two years, including leasing up
existing vacancy, executing lease renewals / rent reviews and longer term re-development of part. Sites total 17.92 acres (7.25 ha). All estates are held freehold.
Additional Information
Sales process
We are instructed to seek offers in excess of £47,100,000 subject to contract and exclusive of VAT. A purchase at this level will reflect a Net Initial Yield of 6.00% assuming purchaser's costs of 6.78%. This represents a low average Capital Value of £143 per sq ft.
Overview of the tenants
The portfolio comprises 32 units let to 26 tenants, with a WAULT of 6.1 years to expiries and 4.0 years to breaks.
Other relevant information
We understand the properties have been elected for VAT and therefore anticipate the sale will be undertaken as a Transfer Of a Going Concern (TOGC).
