Unit 2, The Waterfront Business Park, Brierley Hill, DY5 1LX
The property is a 1999 built industrial unit on established business park used by Royal Mail as a local delivery office to Brierley Hill and surrounds. Royal Mail have been in occupation for over 20 years. The unit extends to 11,906 sqft. The current lease expires in December 2023 with a tenant break option in December 2021. The current rent passing of £58,125 per annum is highly reversionary, reflecting only £4.88 per sqft. Our ERV is £77,390 per annum – £6.50 per sqft, showing a 33% increase above the passing rent. Offers sought in excess of £1,000,000 which reflects an initial yield of 5.50% and a reversion to 7.32%. The underlying capital value is only £84 per sqft.