Unit 62 & Land at Blackpole Trading Estate, Worcester, WR3 8ZJMake an enquiry
Franck-Steier Price has recently completed the acquisition of a single let industrial unit investment on Blackpole Trading Estate on behalf of AEW Core Fund.
The unit comprises a manufacturing unit totalling 82,870 sqft, as part of the acquisition a separate 0.6 acre site was also acquired which was let separately.
Unit 62 was let on a 10 year lease from September 2014 to Omnis Exteriors Ltd, guaranteed by Xerxes Equity Ltd. There was a mutual break option at Year 5, subject to 12 months notice. The passing rent is £255,000 per annum (£3.07 per sq.ft). The separate land was let from October 2014 to Blackpole Recycling on a 5 year term with mutual breaks on 4 months prior notice. The passing rent was £12,000 per annum.
The property was purchased for £2,460,000 which represents a net initial yield of 10.26%, assuming full costs of purchase of 5.8%.
BNP Paribas acted for the vendor.