Instructions

WICKES & SPIRE AUTOMOTIVE, OTTERSPOOL WAY, WATFORD WD25 8HL

SOLD

Details:

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%.

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