Westlands Distribution Park, Winterstoke Road, Weston Super Mare, BS24 9ABMake an enquiry
Acting on behalf of AEW UK REIT Franck-Steier Price has acquired a multi let industrial investment on a prominent industrial estate on the edge of Weston Super Mare. Westlands Distribution Park originally formed part of a larger airfield, part of which has been subsequently developed for housing.
The estate comprises a number of large buildings dating from the 1940’s, smaller 1970’s units and large open storage compounds. The estate has a low site cover and development potential.
There is 323,437 sqft on site and when purchased approximately 45% of the existing accommodation was vacant.
The estate totals 30.60 acres and provides almost 5 acres of compound storage land and an 8 acre redevelopment site at the front of the estate.
The estate is let to 14 tenants on 15 leases with the likes of Biffa, North Somerset Council, Ford Fuels and Avanti Gas. There was an AWULT of over 8 years to expiries and 2.4 years to breaks. The initial income was £489,547 per annum (c. £2.25 per sqft on the let units).
The estate was purchased for £5,400,000 showing a net initial yield of 8.5%, a capital value of £16.70 per sqft and underlying land value of £176,000 per acre.
Gerald Eve acted for the vendor.