Weir Lane, Worcester
4.91 acres
Description
• The site encompasses six parcels of industrial land held on long income ground leases.
• The site area extends to approximately 4.91 acres (1.99 hectares).
• The industrial estate is leased to four tenants and provides an attractive weighted average unexpired lease term certain of 61.2 years.
• Two of the six leases have been surrendered and regranted on more modern terms and 5 yearly rent review patterns.
• The income is secured against local tenants.
• An active estate on the outskirts of Worcester with local occupiers including: Worcester City Bathrooms, Sunbelt Rental Tools, Stock’n’Lock Self Storage, Howdens and Screwfix.
• Total current rent is £148,680 per annum, reflecting an average rate of £30,281 per acre.
• Freehold.
We are instructed to seek offers in excess of £2,250,000 (Two Million Two Hundred and Fifty Thousand Pounds). A purchase at this level would reflect a Net Initial Yield of 6.21% assuming standard purchasers’ costs of 6.33%.
• The site area extends to approximately 4.91 acres (1.99 hectares).
• The industrial estate is leased to four tenants and provides an attractive weighted average unexpired lease term certain of 61.2 years.
• Two of the six leases have been surrendered and regranted on more modern terms and 5 yearly rent review patterns.
• The income is secured against local tenants.
• An active estate on the outskirts of Worcester with local occupiers including: Worcester City Bathrooms, Sunbelt Rental Tools, Stock’n’Lock Self Storage, Howdens and Screwfix.
• Total current rent is £148,680 per annum, reflecting an average rate of £30,281 per acre.
• Freehold.
We are instructed to seek offers in excess of £2,250,000 (Two Million Two Hundred and Fifty Thousand Pounds). A purchase at this level would reflect a Net Initial Yield of 6.21% assuming standard purchasers’ costs of 6.33%.
BUILDING HIGHLIGHTS
Extends to approximately 4.91 acres
Total current rent is £148,680 per annum
Reversionary ground lease investment
Average weighted unexpired lease term of 61.2 Years
