WICKES & TAPI CARPETS, LONGFIELD ROAD, TUNBRIDGE WELLS TN2 3HL
Prime retail warehouse investment.
- Two, recently constructed, south east retail warehouses.
- New letting to Wickes Building Supplies Ltd, a secure 5A1 covenant.
- Wickes occupying under a 20 year FRI lease.
- Initial rent of £397,800 pa (£18.19 psf on rentalised area).
- Separate 10 year lease to Tapi Carpets £159,477 pa i.e. at £26.15 psf (8.5 years unexpired).
- WAULT of 16.7 years.
- Prime trading location, offering Wickes’ and Tapi’s latest trading formats.
- Aggregate GIA of 31,520 sq ft (2,928 sq m).
- Low aggregate initial rental of £557,277 pa.
- 5 yearly upward only rent reviews to Market Rent (Wickes review capped at 3% pa).
- Offers in excess of £9,950,000, exclusive of VAT.
- Net Initial Yield of 5.25%, after Purchaser’s Costs of 6.69%.