Property description
The opportunity provides a very low site density, highly reversionary distribution warehouse located in Whitehouse Industrial Estate, Runcorn.
The property comprises a 96,197 sq ft warehouse on a large 7.80-acre site (28% site density). The warehouse benefits from 13m eaves and an extensive concrete yard with a depth of 87m.
The property is fully let to EVCL Downton Ltd (EV Cargo Solutions Ltd) for a term of 10 years, expiring in 2033. It is let off a very low passing rent of £550,000 pa, which reflects an overall rent of £5.71 psf.
There is an open market rent review in October 2028 which also benefits from a minimum uplift provision. We believe there is a net effective ERV of £867,141 pa.
The purchase price of £9,300,000 reflects a NIY of 5.75%, reversionary yield of 8.75% and a capital value of £97 psf.
Agents
