Brand new industrial warehouse and open storage land development, extending to 45,666 sq ft (4,242.47 sq m).
The total site area (gross) extends to 11.75 acres (4.46 hectares) which represents a very low site cover of 8.6%.
Let to Algeco UK Limited on a new FRI lease for a term of 15 years from 13th February 2023, with a tenant’s option to break in year 10, providing approximately 14.7 years to expiry / 9.7 years to lease break/term certain.
Low passing rent of £700,343 per annum (reflecting £6.95 per sq ft) set in August 2021.
The NW occupational market has experienced significant rental growth in recent years and prime rents remain under pressure. Estimated rental value in excess of £8.25 per sq ft.
Five yearly, upwards only rent reviews to the higher of OMV or CPI linked, annually compounded with 2% - 4% collar and cap, providing an opportunity to capture significant reversion.
Algeco have invested approximately £8.5m into the facility which now operates as the North West hub.
Longer term residential underpin, subject to planning.
Strong environmental credentials with EPC ‘A’ rating, PV roof panels and EV charging points.
