The Maltings Industrial Estate, Bath
UK - Bath, Somerset
THB 410,884,000 | 5,645 m²
A highly reversionary South East Industrial Investment Let to an Undoubted Covenant
A highly reversionary industrial investment opportunity,
let to an excellent covenant benefitting from a very attractive
dual rent review mechanism of annual uncapped CPI
reviews and 5 yearly open market reviews.
Located in Letchworth a sought after South East
distribution location set within the highly desirable M1 -
Single let warehouse extending to 82,808 sq ft
(7,693.12 sq m).
The total site area of 3.784 acres provides a low site
coverage of 32%.
The Property is held as a Long Leasehold interest
with approximately 114 years unexpired at an annual
Let to the excellent covenant Alliance Healthcare
(Distribution) Ltd, one of the largest wholesale pharmacy
suppliers and distributors in Europe with major contracts
including the NHS and Boots.
Lease expires 31st March 2033 with a tenant rolling break
option that is exercisable at any time from the 1 June 2026
on 6 months’ notice.
The April 2023 CPI rent review is being implemented. This will
result in a low passing rent of £762,164 per annum, £9.20 per sq ft.
The lease benefits from highly attractive annual uncapped
CPI linked rent reviews and 5 yearly rent reviews to Open
Market Rent if higher providing significant reversionary
April 2023 Open Market Rent Review is outstanding.
We are instructed to seek offers in excess of £10,000,000 (Ten
Million Pounds) reflecting a net initial yield of 7.15% after
deducting for standard purchasers’ costs of 6.80% reflects a
low capital value of £121 per sq ft.