Units 1-28 Mitchell Close, Fareham_Property for Sale

Mitchell Close, Fareham, PO15 5SE, UK

Units 1-28 Mitchell Close, Fareham

Asset Description

Mitchell Close was built in 1980 and comprises 28 industrial units arranged in 7 terraces. The units are of steel portal frame construction with brick walls, surmounted by coated profiled steel and roofs. Each unit is accessed via a roller shutter door. There are extensive parking and loading areas and office accommodation is arranged on ground and first floors. The estate comprises 28 units varying in a mix of sizes from 486 – 5,253 sq ft, satisfying a range of occupier requirements, and providing a total 45,432 sq ft gross internal area.

The estate is let FRI to a Council tenant for a further 7 years with 3 yearly rent reviews.

The site area is approximately 1.3 hectares (3.23 acres) providing a low site cover of approximately 32%.

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Attributes

Asking price

€5,429,000

Building area gross

4,202 m²

Occupancy

100%

Year built

1980

Land area gross

1 ha

Cap rate

8.5%

Media

Investment Highlights

Fareham is a market town located on the M27 motorway, midway between Southampton and Portsmouth, and the Segensworth East business district is favoured by major industrial and logistics occupiers including Coopervision, Screwfix, CEF, SAAB, Yodel, DSV, Porvair Filtration, and FPT Ford Hendy Power
Mitchell Close is approximately 400m from Junction 9 of the M27, with excellent accessibility
28 industrial/warehouse starter units totalling 45,432 sq ft arranged in 7 terraces with only 32% site cover
Let in its entirety to Hampshire County Council on a full repairing and insuring lease with just under 7 years unexpired, at rents receivable, with upward only rent reviews effectively 2 yearly (3 year provision followed by a 1 year sweep up clause)
The council undertake all management and letting, covering the costs of both, together with full contractual responsibility for maintenance and any capital expenditure required for upgrading for MEES compliance
Long leasehold for 125 years from 19 December 1980 (82 years unexpired) subject to a headrent based on 20% of rents receivable
Net rent recently increased to £420,640 pa, subsequent to the rent review on 19 December 2023
Offers sought in the region of £4,650,000 subject to contract and exclusive of VAT
The quoting terms equate to a low capital cost of £102 per sq ft