Property description
Opportunity to acquire a well let 1.79 acre site providing secure income with future development potential. Located on the well established Astmoor Industrial Estate, Runcorn, the property comprises a fully ringfenced secure, surfaced and rectangular site. It is let to the undoubted covenant of AAK International AB on a new 10 year FRI renewal lease commencing 3 September 2024, subject to a tenant option to break in year 5 (£40,000 tenant break penalty). The lease is drafted Outside the L&T 1954 Act.
Low passing rent of £80,000 pa (£47,058 per acre) with an OMV rent review in year 5 (cap and collar of 1.5% - 3.5% pa).
The property is let to 2 tenants with a low passing rent of £382,000 pa (£4.19 psf on build accommodation). A vacant office suite also provides opportunity to capture immediate reversion.
The purchase price of £1,045,000 reflects a NIY of 7.25%, reversionary yield of 8.45% and a capital value of £615,000 per acre.
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