WICKES & SPIRE AUTOMOTIVE, OTTERSPOOL WAY, WATFORD WD25 8HL
Prime retail warehouse investment.
- Newly constructed, south east, retail warehouse.
- New letting to Wickes Building Supplies Ltd, a secure 5A1 covenant.
- Wickes occupying under a 20 year FRI lease.
- Initial rent of £400,000 pa (£18.54 psf on rentalised area).
- Prime trading location and offering Wickes’ latest trading format.
- Additional, self contained B2/B8 unit let to Spire Automotive for 10 years (9.25 yrs unexpired) at £75,000 pa (£15 psf).
- WAULT of 18.3 years.
- Total GIA of 30,037 sq ft (2,545 sq m).
- Low aggregate commencing rent of £475,000 pa.
- 5 yearly upward only rent reviews to Market Rent (Wickes rental increase capped at 3% pa).
- Offers in excess of £8,480,000, exclusive of VAT.
- Net Initial Yield of 5.25%, after Purchaser’s Costs of 6.68%.