Royal Mail, 1 The Stampings, Coventry, CV6 5ABMake an enquiry
Franck-Steier Price have recently completed the acquisition of a single let industrial investment on behalf of a private client.
The property is located on the Stampings, north of Coventry city centre and just off the A444 on an established prominent, mixed use commercial park.
The property comprises a purpose built modern industrial unit used by Royal Mail as one of their Coventry sorting offices. The unit is steel portal frame with a large car park and separate yard with loading canopy. The unit extends to 16,482 sqft. The overall site is 1.8 acres providing a low site cover of only 21%.
The property is let to Royal Mail on a 20 year lease from December 2009.The lease has 5 yearly rent reviews on an open market basis assuming a standard industrial unit of 31,500 sqft. The current passing rent is £195,000 per annum which reflects a rent of £6.19 per sqft on the rent review basis.
The property was acquired for £3,500,000 which reflected an initial yield of 5.23%.
The property was sold by ESH who were acting for Wigley Group.