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01133873378
Properties

Collaborating in logistics, warehouse + industrial property

Status:Sold
Address:Unit 5, Innovation Square, Green Lane, Featherstone, WF7 6NX
Type: Investment
Size: 7,136 Sq Ft
Price: SOLD FOR £500,000
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Contact Details

0113 387 3378
Steven@LM1.agency
07552 476 571
Matt@LM1.agency
07960 708 544

Unit 5, Innovation Square, Green Lane, Featherstone, WF7 6NX

About the property

INVESTMENT SUMMARY

  • Offers in the region of £493,500 (£69 per sq ft)
  • Passing rent £37,000 per annum
  • Let on a new FRI lease to Boiler Plan UK Ltd for a 5 year term and tenant only break at year 3.
  • Upward only rent review at year 3 to OMRV
  • 999 year tenure
  • Reflecting a Net Initial Yield of 7.16% assuming purchasers costs of 4.67%
  • Located on a shared yard with dedicated parking
  • High quality warehouse space built in 2008 extending to 7,136sq ft.

The premises comprise a modern steel portal framed industrial/warehouse building with pitched and insulated metal decking roof with translucent roof panels. Eaves height of 5.7 metres to underside of the haunch.
Quality office accommodation at ground and first floor, with first floor space being high spec including a raised floor and suspended ceiling.

TENANCY
The whole premises is let to Boiler Plan UK Limited by way of a 10-year lease on FRI terms which commenced on 1st November 2020. The lease incorporates a tenant only option to break the lease at year 3 subject to 6 months prior written notice. There is an upward only rent review at year 3 to open market rental value.
The passing rent is £37,000 per annum

TENURE
The property is held by way of a 999-year lease at a fixed peppercorn rent.