22 Oct 2019
Freehold single-let strategic warehouse investment. The property comprises a fully operational distribution warehouse with 6 loading doors, two storey ancillary offices and a large secure car park. Secure site extending to 5.28 acres, providing a site density of 47%. The property will be let by way of a sale and leaseback on a new 20-year FRI lease from completion of the sale. The lease will be subject to a tenant’s break option at years 10 and 15 (subject to 6 months’ notice) providing a lease term certain of 10 years. Initial rental income of £400,000 per annum, subject to RPI-linked 5-yearly rent reviews compounded annually with a 2% and 4% cap & collar. Tenant has occupied the site for approximately 15 years and have a long term commitment to the building. Attractive market for occupiers being less than 2 hours’ drive from London with lower congestion, lower labour costs and significantly lower rents.