Property description
Excellent opportunity to acquire a highly reversionary detached single let industrial investment.
The property is let to an outstanding covenant (tangible net worth over £100 million) with 2.25 years to break and 7.25 years to expiry.
The property comprises a 23,012 sq ft unit on a 3.2 acre site at a very low passing rent of £168,000 pa (£2.77 psf on built accommodation), with a reversionary rent of £276,840 pa (£7.50 psf on built accommodation).
There is a rent review on 15 April 2026 to the higher of Open Market Value or £190,079 pa.
The purchase price of £2.745m reflects a NIY of 5.75%, RY of 9.47% and a low CV of £77 psf (assuming £700k p/acre on concrete overage)
