Investment Summary
Rare Opportunity to acquire 2 long leasehold light industrial estates located on the 92 acre, 1.1 million sq ft Norwich Airport Industrial Estate.
Situated 2.7 miles north of the city centre in the largest industrial area in the city.
The property comprises 2 opposing light industrial estates providing 36 units totalling 71,619 sq ft (Javelin Road 42,721 sq ft and Meteor Close 28,898 sq ft)
Units ranging in size from 1,701 sq ft to 3,058 sq ft
Units 1-22 Javelin Road held on a ground lease expiring December 2127 at a ground rent of £12,780 pa
Units 1-16 Meteor Close held on a ground lease expiring December 2127 at a ground rent of £8,500 pa
Javelin Road - 8 units held on occupational leases with ERVs of £7.25 psf, and 12 units sold on long leases
Meteor Close - 7 units held on occupational leases with ERVs of £7.25 psf, and 9 units sold on long
leases
Highly reversionary - small units in the Norwich area are currently letting at up to £10.50 per sq ft
Gross passing rent of £164,661 pa
Total net income (less ground rent) of £143,381 pa
Energy Performance Certificate
Are available on request and in the data room.
Description
The Estates comprise industrial/ warehouse units of concrete frame construction with pitched lined roofs, incorporating translucent light panels. The warehouse areas have concrete floors and fluorescent lighting with vehicular access via a loading door to the front. The properties benefit from an eaves height of approximately 4.9m and good-sized yards to the front. The units in Meteor Close also have small rear yards.
Internally, the units generally provide full height accommodation with W.C. facilities and 3-phase power. The units have been refurbished including the installation of new or improved roller shutter doors, double glazed UPVC Windows and personnel doors, new external cladding and redecoration.
Situation
The City of Norwich is the regional capital of East Anglia and Norfolk's administrative, commercial and cultural centre. Norwich is currently one of the UK's fastest-growing cities with a diverse and vibrant economy. It is home to an estimated 117,000 jobs and more than 8,000 companies with key sectors being business and financial services, advanced manufacturing and creative and digital industries.
Javelin Road and Meteor Close are accessed off Hurricane Way, the main spine road on Norwich Airport Industrial Estate, an established 92-acre industrial estate, which is situated approximately 2.7 miles north of the City centre. The Estates are well located being close to the A140, which connects directly with Norwich's outer ring road and the city centre, and the new Northern Distributor Road. Nearby occupiers include Anglian Home Improvements, KLM UK and Lotus Cars.
Terms
We are instructed to seek offers in excess of £1,700,000 subject to contract and exclusive of VAT for the long leasehold interests, reflecting a net initial yield of 7.94% and a reversionary yield of 11.18% assuming purchasers costs of 1.8% plus SDL
We understand the property has been elected for VAT. It is envisaged a sale will be treated as a transfer of a going concern (TOGC) for VAT purposes
( Agency Pilot Software ref: 336381 )
