MODERN WORKSHOPS
MODERN WORKSHOPS SUMMARY
Total Units
19 (23,238 sq ft)
Vacant Units
6 (9,818 sq ft)
Vacancy Rate
42%
Occupiers
13
Total Contracted Income
£116,460 per annum
Average Passing Rent
£8.68 per sq ft
Estimated Rental Value (ERV)
£203,333 per annum
ERV per sq ft
£8.75 per sq ft
Reversionary Percentage
75%
WAULT
WAULT to Expiry 0.7 years
ASSET MANAGEMENT OPPORTUNITIES
- Letting the vacant units 209, 210, 211, 222, 225, and 228 would present a significant opportunity to unlock their reversionary potential. Due to the modern specification of the units, only a small amount of capital expenditure would be required to attract occupiers.
- Seven units (205, 208, 212, 215, 224, 226, and 227) have expiries within the next six months, presenting regear opportunities to capture reversion early in the hold period. By re-letting these units on FRI leases instead of the existing licences, there is the opportunity to improve the income profile and reduce costs on the estate.
