Instructions

WICKES & TAPI CARPETS, LONGFIELD ROAD, TUNBRIDGE WELLS TN2 3HL

SOLD

Details:

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%.

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