Kestrel Business Park comprises three modern industrial units on Kestrel Way, which reached practical completion in January 2020, on a site of approximately 1.5 acres.
The units are of steel portal frame construction beneath pitched roofs, with profile metal cladding elevations. They provide minimum eaves heights of 6.0m to 6.2m, roller shutter loading doors (electrically operated to Units 1 and 3), three phase power and lighting to the warehouse areas. Unit 3 also provides ground and first floor offices.
Each unit has a dedicated yard and allocated parking, with 38 car parking spaces across the estate. A telecommunications mast on the site provides additional income.
Units 1 and 2 have planning consent for light industrial use (formerly Class B1(c), now Class E(g)(iii)) and Unit 3 for general industrial use (Class B2).
The estate is fully let to three tenants, including Serco Limited, Toolstation and MOT Bros Limited, on full repairing and insuring leases, producing a total contracted income of £172,432 per annum, including £7,182 per annum from the mast.
Kestrel Business Park is situated on Kestrel Way on the western side of Woking, approximately 2.4 miles from the town centre and mainline station. The estate adjoins Goldsworth Park Trading Estate, an established industrial and trade counter location, and Kestrel Way links directly to Littlewick Road.
Junction 3 of the M3 and Junction 11 of the M25 are both within 6 miles, and the A3 lies to the east.
Woking is a prosperous north-west Surrey town around 23 miles south west of Central London. Woking railway station provides frequent direct services to London Waterloo, with a fastest journey time of 24 minutes.
We are instructed to seek offers in excess of £2,575,000 (Two Million, Five Hundred and Seventy-Five Thousand Pounds), subject to contract and exclusive of VAT.
A purchase at this level reflects a net initial yield of 6.29% and a reversionary yield of 7.71%, after purchaser's costs of 6.39% and including the mast income, and a capital value of £227 per sq ft.
The investment is fully let to Serco Limited, Toolstation and Pro-Teck Electrical Limited & MOT Bros Limited. WAULT stands at 3.8 years to expiry and 2.4 years to break. Contracted rental income currently stands at £172,432 per annum reflecting a low average rent of £14.57 per sq ft. All three leases have outstanding rent reviews from 2025, with our opinion on estimated rental value standing at £18.00 per sq ft, reflecting an increase of over 23%.
