Smyths Toys, ALTO 451, Lymedale Business Park, Newcastle under Lyme, ST5 9QHMake an enquiry
Franck-Steier Price Ltd has recently completed the acquisition of ALTO 415 on the prime distribution park of Lymedale Business Park, Newcastle under Lyme.
The high bay distribution totals 414,876 sq.ft (38,542 sqm) and benefits from an eaves height of 15.6 metres, 36 dock level loading doors and floor loading of 50 Kn/sq m on a site of 20.5 acres (8.30 Ha)
The property is let to Smyths Toys Limited with a guarantee from Smyths Toys for a term of 15 years with effect from 20th July 2012 and expiring 19th July 2027. There is a tenant only break option on 20th July 2023.
The passing rent is £1,638,764 per annum and is subject to 5 yearly upwards only increases in line with RPI subject to a collar of 1% and cap of 3%.
The purchase price was £20,679,000 which reflects a net initial yield of 7.49% assuming costs of 5.80% and before deduction of outstanding rent free period from the purchase price.
CBRE represented the vendors, CBRE Global Investors and Franck-Steier Price represented the purchaser who was a private investor.