Comprising 39,306 sq ft across two industrial/trade counter units, the property currently produces £264,460 per annum, with an attractive WAULT of 5.22 years to expiry. The investment has also benefited from over £660,000 of recent capital expenditure, significantly enhancing the specification and presentation of the property.
- £264,460 pa passing rent (£6.73 psf).
- £294,795 pa ERV, providing clear rental reversion.
- Terms agreed with ASHI Group on a new 15-year lease to Unit 3 at £116,393 pa (£6.82 psf).
- Immediate 6.3% rental uplift on completion of the agreed Unit 3 letting.
- Improved covenant profile, with ASHI rated Very Low Risk (91A).
- Smith Brothers Stores also provides a Very Low Risk (77A) covenant.
- £446m+ combined tenant turnover assuming completion of the ASHI letting.
- Established Blenheim Industrial Estate location with excellent access to the A610 and M1 Jct 26.
- Over £660,000 of recent capital investment in the estate.
- Offers in excess of £3.3m, reflecting a 7.53% NIY and 8.39% reversionary yield.
- Attractive capital value of just £83.97 psf.
- Further potential to enhance long-term value through extension of the two long leasehold interests.
The agreed letting to ASHI provides an investor with immediate income growth and a significant improvement in covenant strength, whilst the current ERV of £294,795 provides further rental upside over the medium term.
Combined with t
