SUMMARY

107.23 acres gross / 53.75 acres net.

Capital expenditure has been invested in improving the site, but there are further asset management opportunities to reposition it for alternative uses, such as open storage.

Short WAULT of 1 year providing early reversionary potential and easy access to asset management initiatives.

Highly reversionary headline rent.

The site is predominantly let on licences, with potential value to be realised by converting them to FRI leases.

The site benefits from a substantial catchment area, providing commercial accommodation ideally suited for local businesses.

Average annual expenditure for the site (over the past 5 years) is £388,335 per annum.

75% reversionary (Excluding Potential Development Sites).

ESTATE SUMMARY

Total Units

119 Units + 64 open storage areas

Vacant Units

18 Units + 29 open storage areas

Vacancy Rate (sq ft)

34%

Occupiers

94

Total Contracted Gross Income

£1,108,167 per annum

Net Operating income

£845,969 *(Nov 2023 – Oct 2024)

Average Passing Rent

£3.59 per sq ft – Buildings
£0.32 – Open Storage

Estimated Rental Value (ERV)

£2,089,142 per annum

ERV per sq ft

£4.59 per sq ft – Buildings
£0.60 – £0.90 per sq ft – Open Storage

Reversionary Percentage

75% (Excluding Potential Development Sites)

WAULT

1.0 year to expiry (The units are generally let on 12 month licences)

PROJECTED RENTAL PERFORMANCE