FSP has recently completed the acquisition of a modern industrial investment on behalf of GLC Ltd.
The property is located on the established Stag Industrial Estate and is prominently positioned at the entrance to the estate with frontage onto both the estate road and the busy B4118 Lockhurst Lane. Stag Industrial Estate is located approximately 2 miles north of Coventry City Centre and 3 miles south of the M6 at Junction 3.
The property extends to 13,014 sq ft and comprises a steel portal framed industrial unit with 2 storey offices and 2 mezzanine areas and the building has been heavily invested in by the tenant over numerous years.
The property was let on a new FRI lease for 10 years with a break in year 5 to Volumatic Ltd. The commencing rent is £55,000 per annum and has annual increases of £1,000 per annum for the first five years. There is a rent review in year 5 to OMV. Volumatic manufacture secure cash counting machines for a range of retail business including the Big 5 Supermarkets and have been located at the property for over 20 years.
The property was purchased for £690,000 which reflects a net initial yield of 7.50%. The vendor was Volumatic Ltd who were advised on the sale and leaseback by Fisher German.