UNITS 20 & 21 WOODSIDE INDUSTRIAL PARK, WORKS ROAD, LETCHWORTH GARDEN CITY
Disposal of an industrial trade counter investment.
- Unique opportunity to acquire a detached, high quality trade counter industrial unit.
- Situated on Woodside Industrial Park, the long established and dominant business location in Letchworth Garden City.
- Letchworth Garden City has excellent communication links, being just 1 mile (1.6 km) west of Junction 9 of the A1(M). Trains to Kings Cross take just 28 minutes.
- The property has been split to provide two refurbished industrial / trade counter units providing 13,724 sq ft (1,275 sq m).
- Fully let to two tenants; Toolstation Limited (D&B rating 5A1) and Eurocell Building Plastics Ltd (D&B rating 3A2). WAULT of 4.75 years to break and 7.36 years to expiries.
- Unit 20 was refurbished in 2020 and Unit 21 in 2015.
- Strong rental growth prospects due to high occupier demand and limited supply within Letchworth and the wider South East market.
- Current gross passing rent of £104,638 per annum, reflecting a low rent of £7.62 per sq ft.
- Long Leasehold, having c.900 years unexpired.
- Offers are sought in excess of £1,495,000 (One Million, Four Hundred and Ninety Five Thousand Pounds), subject to contract and exclusive of VAT, which reflects a Net Initial Yield of 5.85% and a low capital value of £109 per sq ft assuming purchasers’ costs of 6.10%. This increases to 6.50% assuming the rent review on Unit 21 is settled at £8.00 per sq ft.