Descripción

The property comprises a detached industrial unit extending to 48,545 sq ft of warehouse and ancillary office accommodation with 1,710 sq ft of first floor offices. The building is of steel portal frame construction with profile metal sheet clad and brick elevations. The property provides a minimum eaves height of c.5.2 metres.

The property benefits from a secure service yard which is located to the side and rear of the unit with 11 dedicated car parking spaces located at the front.

The tenant's manufacturing operation relies on bespoke machinery, creating significant barriers to relocation and underpinning occupational commitment to the site.

The tenant continues to invest substantial capital into the building, having installed c.£1m of sprinkler system in the past year. It has also conceded its liability as far as the repair of the roof is concerned and is undertaking a phased replacement at a cost of c.£300,000.

...

Atributos

Superficie neta construida

4669 m²

WAULT

15.5 años

Precio de venta

4.578.000 €

NIY

7.25%

Media

Aspectos destacados de la inversión

Located on Sowton Industrial Estate, a prime South-West industrial distribution location on the M5 between Bristol and Exeter.
Situated in a prominent position less than 0.5 miles from Junction 30 of the M5, providing direct access to the South West and national motorway network.
Detached single let industrial unit totalling 50,255 sq ft GIA on a self-contained site of 2.70 acres.
Let to Howmet Limited, a subsidiary of the NYSE-listed global aerospace engineering group, Howmet Aerospace Inc.
Recently completed reversionary lease extending Howmet Limited’s occupation until 18th March 2042, providing an AWULT of 15.52 years.
The tenant has occupied the property and the wider estate for over 55 years, demonstrating a longstanding commitment to the unit and Sowton Industrial Estate.
The tenant has made significant investment in the property over the last 18 months, totalling c.£1million, further evidencing their long term occupational commitment.
Very low passing rent of £241,000 p.a, reflecting £4.79 psf.
Guaranteed rental uplift to £300,000 per annum from March 2027, with five-yearly upward-only open market rent reviews thereafter.
Freehold.
Vendor to top up the rental income until the 19th March 2027.

Proposal

The Vendor is seeking offers in excess of £3,880,000 (Three Million, Eight Hundred and Eight Thousand Pounds), subject to contract and exclusive of VAT. After allowing for purchaser's costs of 6.53%, a purchase at this level would reflect a Net Initial Yield of 7.25%* and a Capital Value of £77.20 per sq ft.

*allowing for vendor top-up