Midland Road, Cirencester, Gloucestershire, GL7 1PZ, UK

Midland Road Trade Park, Cirencester

Asset description

The property has recently been refurbished to accommodate 6 trade units with an additional 2 new retail units. Units 2 - 6 are of a steel portal frame construction with concrete blockwork elevations and profile metal sheet cladding.
The main units are well maintained and have undergone a recent refurbishment including a new roof, loading doors and windows and a full internal redecoration.
Each unit benefits from its own forecourt for loading and deliveries with a roller shutter door together with allocated car parking.

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Asking price

$6,966,000

Building area gross

23,003 sf

Occupancy

100%

Year built

1990

Cap rate

5.01%

NOI

$373,000

A well located multi-let trade park situated in close proximity to Cirencester’s ring road.
6 refurbished trade counter units with 2 additional new build retail pods.
The property extends to 23,003 sq ft (2,137 sq m) GIA.
The site totals 1.39 acres (0.564 ha) reflecting a site coverage of 37%.
Freehold.
Attractive WAULT of 9.1 expiry and 5.7 years to break.
Multi-let to 6 tenants providing a spread of expiries and covenant strengths.
Asset management potential through letting of vacant unit (subject to rent guarantee).
Current passing rent of £293,785 per annum.
Rents equate to an average of £10.74 per sq ft on the Trade Counter element and £28.75 per sq ft on the retail element.
We are instructed to seek offers in excess of £5,500,000 (Five Million Five Hundred Thousand pounds) subject to contract and exclusive of VAT, reflecting a Net Initial Yield of 5.01% (assuming purchaser’s costs of 6.61%).