Air Products, Carrington

• Located within Greater Manchester, close to Trafford Park, the North West’s prime industrial estate.

• Strategic location, within 3 miles of Junction 8 of the M60 orbital motorway.

• Situated within the Carrington Estate, one of the UK’s largest regeneration schemes.

• Prominent position, fronting the A6144 (Manchester Road).

• Total floor area of 67,632 sq ft, arranged across 7 units and 1 office building.

• Let to Air Products (BR) Limited who have a Creditsafe rating of 100 representing a ‘Very Low Risk’ of business failure.

• Full Repairing and Insuring lease, expiring 4 March 2053, subject to a Tenant’s break option dated 15 March 2033, and 5 yearly thereafter.

• 5 yearly upwards only rent reviews. The next rent review is dated 15th March 2028.

• Total current rent of £420,000 per annum.

• Estimated Open Market Rental Value of £601,125 per annum, subject to the occupational lease.

• Estimated Open Market Rental Value of £888,160 per annum, subject to vacant possession.

• Site area of approximately 12 acres, representing a very low site density of circa 12%.

• Freehold.

PROPOSAL

Our client is seeking offers in excess of £6,060,000, subject to contract and exclusive of VAT. A purchase at this level reflects the following yield profile:

• Net Initial Yield of 6.50%.

• Net Reversionary Yield of 9.31%, based upon the estimated Open Market Rental Value, subject to the occupational lease.

• Net Reversionary Yield of 13.75%, based upon the estimated Open Market Rental Value, subject to vacant possession.

Assumes standard purchaser’s costs of 6.63% and reflects a site value equivalent to £505,000 per acre.