£3,300,000
(£83.96/sq. ft)
Industrial for sale3 & 5 Freeston Drive, Blenheim Industrial Estate, Nottingham NG6
39,306 sq. ft
Available immediately
About this property
Strategic Nottingham Location
Excellent Transport Links
High Quality Units with Large Yards
Diversified Income profile
Location
The property occupies a prominent position on Freeston Drive within the well established Blenheim Industrial Estate approximately 5 miles north-west of Nottingham city centre.
Description
Comprising 39,306 sq ft across two industrial/trade counter units, the property currently produces £264,460 per annum, with an attractive WAULT of 5.22 years to expiry. The investment has also benefited from over £660,000 of recent capital expenditure, significantly enhancing the specification and presentation of the property.
- £264,460 pa passing rent (£6.73 psf).
- £294,795 pa erv, providing clear rental reversion.
- Terms agreed with ashi Group on a new 15-year lease to Unit 3 at £116,393 pa (£6.82 psf).
- Immediate 6.3% rental uplift on completion of the agreed Unit 3 letting.
- Improved covenant profile, with ashi rated Very Low Risk (91A).
- Smith Brothers Stores also provides a Very Low Risk (77A) covenant.
- £446m+ combined tenant turnover assuming completion of the ashi letting.
- Established Blenheim Industrial Estate location with excellent access to the A610 and M1 Jct 26.
- Over £660,000 of recent capital investment in the estate.
- Offers in excess of £3.3m, reflecting a 7.53% niy and 8.39% reversionary yield.
- Attractive capital value of just £83.97 psf.
- Further potential to enhance long-term value through extension of the two long leasehold interests.
The agreed letting to ashi provides an investor with immediate income growth and a significant improvement in covenant strength, whilst the current erv of £294,795 provides further rental upside over the medium term.
Combined with the recent capital investment, attractive entry pricing and the property's position within one of Nottingham's established industrial locations, we believe 3 & 5 Freeston Drive represents an excellent opportunity to acquire a high-quality industrial investment with both secure income and identifiable growth potential.
EPC
Further information is available upon request.
VAT
Unit 3 is not elected for VAT. Unit 5 has been elected for VAT and part of the transaction will be treated as a Transfer of a Going Concern (togc).
Legal Costs
Each party to bare their own legal costs in the transaction.
The property occupies a prominent position on Freeston Drive within the well established Blenheim Industrial Estate approximately 5 miles north-west of Nottingham city centre.
Description
Comprising 39,306 sq ft across two industrial/trade counter units, the property currently produces £264,460 per annum, with an attractive WAULT of 5.22 years to expiry. The investment has also benefited from over £660,000 of recent capital expenditure, significantly enhancing the specification and presentation of the property.
- £264,460 pa passing rent (£6.73 psf).
- £294,795 pa erv, providing clear rental reversion.
- Terms agreed with ashi Group on a new 15-year lease to Unit 3 at £116,393 pa (£6.82 psf).
- Immediate 6.3% rental uplift on completion of the agreed Unit 3 letting.
- Improved covenant profile, with ashi rated Very Low Risk (91A).
- Smith Brothers Stores also provides a Very Low Risk (77A) covenant.
- £446m+ combined tenant turnover assuming completion of the ashi letting.
- Established Blenheim Industrial Estate location with excellent access to the A610 and M1 Jct 26.
- Over £660,000 of recent capital investment in the estate.
- Offers in excess of £3.3m, reflecting a 7.53% niy and 8.39% reversionary yield.
- Attractive capital value of just £83.97 psf.
- Further potential to enhance long-term value through extension of the two long leasehold interests.
The agreed letting to ashi provides an investor with immediate income growth and a significant improvement in covenant strength, whilst the current erv of £294,795 provides further rental upside over the medium term.
Combined with the recent capital investment, attractive entry pricing and the property's position within one of Nottingham's established industrial locations, we believe 3 & 5 Freeston Drive represents an excellent opportunity to acquire a high-quality industrial investment with both secure income and identifiable growth potential.
EPC
Further information is available upon request.
VAT
Unit 3 is not elected for VAT. Unit 5 has been elected for VAT and part of the transaction will be treated as a Transfer of a Going Concern (togc).
Legal Costs
Each party to bare their own legal costs in the transaction.
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£16,508 per month
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