Pin 54, Wolverhampton

1. Rare opportunity to purchase a brand-new best-in-class pre-let logistics warehouse in a key West Midlands location
2. Located at the highly successful PIN54 scheme in the core West Midlands city of Wolverhampton, a key industrial and logistics market positioned at the heart of the UK
3. Wolverhampton is a prime distribution location with excellent connectivity, in close proximity to Junction 2 of M54 Motorway, at the centre of the UK motorway network
4. New build logistics warehouse extending to 201,265 sq ft (18,698 sq m) reaching practical completion in March 2025
5. High quality institutional specification with market leading ESG features – EPC A+ (-46) and target BREEAM Very Good
6. Long term lease commitment, being entirely let to P.J.H. Group Ltd for 15 years from 28th March 2025 without break on FRI terms
7. Highly reversionary rent of £1,655,940 per annum, reflecting a low rental rate of £8.23 psf with pre-let agreed almost 2 years ago
8. Attractive rent review provisions, being 5 yearly upwards only to the higher of Open Market Value or CPIH plus 1% (2% - 4% cap and collar per annum)
9. Estimated open market rental value of £9.50 per sq ft
10. P.J.H. Group Ltd are the UK’s largest providers of kitchen, appliance, sink and tap products, having been operational for over 50 years
11. Unit 1 PIN54 will provide P.J.H. with its brand-new state of the art distribution centre and HQ facility
12. P.J.H. Group Ltd offer a strong covenant, with turnover of £174m during 2023 and a Very Low Risk Creditsafe rating of 95/100
13. Freehold

Proposal

We are instructed to seek offers in excess of £29,550,000 (Twenty-Nine Million, Five Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT.

A purchase at this level reflects a net initial yield of 5.25%, and a low capital value of £147 per sq ft.

This pricing shows an attractive reversionary yield of 6.06% based on today’s open market ERV, with further rental growth predicted. On a CPIH review basis, forecasts project a running yield of

6.22% in 2030.