Unique opportunity to acquire a multi-let business space and industrial/warehouse investment in a key Greater London area.
Strategically located close to J9 of the M25 with access to the national motorway network.
A modern estate of 18 units totalling approximately 28,660 sq ft (2,662.6 sq m) GIA.
Fully let to 16 tenants with an average weighted unexpired lease term of approximately 3.8 years and 2.0 years to breaks.
Current rental income of £497,792 per annum exclusive, equating to £17.37 per sq ft (£186.96 per sq m).
Recent lettings of Units 8 and 9 equate to £19.34 / £19.40 per sq ft with potential to increase the overall rent to £558,870 pa, i.e £19.50 per sq ft, thereby reflecting the current market rental values.
Site extends to 1.213 acres (0.491 hectares).
Let to a range of SMEs with tenants including Stulz UK, Trafag (UK) and Stego UK.
The property is elected for VAT.
Offers are invited in excess of £9,300,000 (Nine Million Three Hundred Thousand Pounds) for the freehold interest, subject to contract and exclusive of VAT.
A purchase at this level would reflect a net initial yield in the region of 5% after allowing for purchaser’s costs of 6.65%, with a capital value of £324 per sq ft.
When adopting market a rental value of £19.50 per sq ft, the potential reversionary yield increases to 5.6%.