Located directly east of Telford town centre and within a mile of J4 and M54. The property comprises three modern detached industrial units located on Telford’s principal industrial park, Stafford Park. The properties extend to a total area of 211,038 sq.ft and are fully let to three tenants with a WAULT of 7.69 years to expiries and 6.66 years to breaks. Total rent of £980,980 per annum (low average rent of £4.65 per sq.ft). Offers sought in excess of £14,000,000 which reflects a net initial yield of 6.57%, a reversionary yield of 7.06% based off ERV and a low capital value of £66.34 per sq.ft.
Franck Steier Price has recently completed the sale of a multi let industrial investment on behalf of Paloma Capital.
The property is located just off J4 of M54 on the established Stafford Park estate.
Three detached units built in 2001 are some of the highest specification units on the wider park. Each unit has an eaves height of 9.00m and self contained parking and yards. The combined sites extend to 4.20 hectares (10.21 acres).
The estate extended to 211,038 sqft in total with the units ranging from 42,069 sqft to 100,156 sqft.
The property was fully let to three tenants on FRI leases. The AWULT was 7.69 years to expiries and 6.66 years to breaks. There was a Schedule of Condition on Unit F and one sub unit in Unit E. The total rent passing was £980,980, an average rent of £4.65 per sqft.
The units were all held on 999 year leases from 2007 at a fixed £100 per annum.
The property was sold for £14,500,000 which reflected an initial yield of 6.34%.