The property is located immediately to the west of Queens Road (A6005) in a predominantly residential area in close proximity to Beeston town centre. The property comprises 7 industrial units arranged in two terraces totalling 48,658 sq.ft. The property is fully let to six tenants producing a total passing rent of £221,081 per annum which reflects a low average rent of £4.54 per sq.ft. The WAULT to breaks is 2.5 years and expiries is 5.3 years. The ERV is £239,100 per annum. Offers sought in excess of £2,865,000 which reflects a net initial yield of 7.25% and a reversionary yield based on the ERV of 7.84%. Underlying capital value of only £58.88 per sq.ft.
Acting on behalf of CBRE Global Investors, Franck-Steier Price have sold a multi let industrial estate in Beeston, 3 miles south west of Nottingham city centre.
The estate comprises two terraces of industrial units dating from the 1970’s with individual loading yards and parking to the fronts of the units. The estate totalled 48,658 sqft in 8 units ranging in size from 5,434 sqft upto a double unit of 9,986 sqft.
The estate was fully let to six tenants with a WAULT of 5.3 years to expires and 2.5 years to breaks. The total rent was £221,081, an average of £4.54 per sqft. Several leases had Schedules of Condition.
The property was sold for £3,000,000 which reflected a net initial yield 6.92% reducing to 6.05% on expiry of lease on Unit 43 at end of February 2019.
The estate was acquired by M7 Real Estate Partners.