Single-Let Industrial Investment Opportunity with Redevelopment Potential. The property comprises four warehouse buildings extending to a total gross internal area of 54,565.52 sq ft (5,069.26 sq m)
- Strategically located factory warehouse premises in an established industrial location.
- Easy access to junctions 2 and 3 of the M42 motorway, connecting to the M40 interchange to the east and the M5 interchange to the west.
- Strong labour supply dynamics, with 42.4% of residents in Redditch working in manufacturing, transport & storage, and wholesale trade.
- Property comprises a total floor area of 54,565.52 sq ft (5,069.26 sq m) GIA across four industrial buildings.
- Site area extends to 2.13 acres (0.86 hectares) providing a development density of 53.71%.
- Significant future redevelopment potential.
- Let in its entirety to The Heartbeat Manufacturing Co (Redditch) Limited for a term of 10 years with a break at year 5 (subject to 6 months prior notice) on full repairing and insuring terms, subject to a schedule of condition.
- Rent on the revised lease will be £250,000 per annum, reflecting £4.50 per sq ft on units 67, 69 and 91 and £5.50 per sq ft on unit 76.
- The lease will incorporate an upwards only, open market rent review on the 5th anniversary of the term.
We are instructed to seek offers in excess of £2,926,000 subject to contract and exclusive of VAT.
A purchase at this level reflects an attractive Net Initial Yield of 8.00% assuming standard purchasers’ costs and a capital value of £53.62 per sq ft.