Property description
Opportunity to purchase a high yielding multi-let industrial estate with a low site cover. Situated in an urban Greater Manchester location, just 1.5 miles from Wigan town centre.
Multi-let estate currently comprising 3 units totalling 63,558 sq ft with the ability to further subdivide. The estate is an extensive 4.50-acre site (33% site cover), providing 1.47 acres of surfaced overage land.
Headline rental value of £424,916 pa, representing a low passing rent of £5.41 psf on the buildings. Ability to capture reversion with an ERV of £521,374 pa (£6.82 psf on the building).
There are opportunities to capture significant reversion within the next 12 months. Additional asset management opportunities to enhance value and drive rental growth such as further development of the substantial 2.23 acre northern yard and refurbishment works to further enhance the estate.
The purchase price of £4,200,000 reflects a Net initial Yield of 9.50% and a low Capital Value of £54.52 psf (assuming £500k per acre on the 1.47 acres surfaced overage land.
Thank You
Your request has been received. A member of the team will be in touch.
Agents
