Opportunity to acquire self contained single let industrial/warehouse investment on large 5 acre site providing low site cover of only 25.9%.
Target GIA approximately 56,510 sq.ft. (5,250 sqm) pre-let to Salvation Army Trading Co. Ltd on new 15 year lease without break following completion of the building which is scheduled for May 2020.
Initial rent of £485,000 per annum exclusive subject to a 5 yearly rent review pattern in line with RPI and subject to collar and cap of 1.5% and 4% per annum respectively.
The price is £9,100,000 exclusive of VAT, STC reflecting a net initial yield of 5% and capital value of £161.03 per sq.ft. assuming purchasers costs of 6.68%.
It is envisaged that the deal is structured by way of an initial payment for the site and balancing payment on completion or alternatively a purchase at practical completion of the development.