Instructions
DAKOTA PORTFOLIO
SOLD
Details:
Sale & Leaseback of 9 Freehold Retail Warehouse Investments
- A sale & leaseback portfolio of 9 Wickes retail warehouse investments.
- Let on new 15 years leases.
- Wickes Building Supplies Ltd is a secure 5 A1 covenant.
- Seven units newly developed or reconstructed.
- Total GIA of 241,415 sq ft (excluding trading mezzanines of 29,552 sq ft).
- Total initial rental £2,786,580 per annum.
- Low initial average rent of £11.54 psf, indicating excellent prospects for future rental growth.
- 5 yearly upward only rent reviews to Market Value.
- Quoting £43,600,000, exclusive of VAT.
- Net initial yield of 6%.
- The preference is for the sale of the portfolio to a single purchaser. However, proposals for part of the portfolio or individual holdings will be considered.