Significant opportunity to acquire a substantial industrial asset in the heart of the Black Country let to three major tenants on long leases.
Prominently located at Spring Road in Ettingshall 3 miles to the South East of Wolverhampton and 4.9 miles from junction 10 of the M6 motorway.
Extending to 243,853 sq. ft. the estate comprises three main industrial buildings arranged in bays with eaves heights from 7.9m to 27.5m together with extensive yard and parking areas.
Freehold extending to 18.55 acres.
Predominately let to three very well established tenants with a WAULT to lease expiry of 11.3 years and a WAULT to lease break of 9.5 years.
Current income of £607,568 per annum which equates to £2.49 per sq ft overall which is low and reversionary to approximately £714,272 equating to £2.92 per sq ft.
We are instructed to seek offers in the region of £7,500,000 (Seven Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT reflecting a net initial yield of 7.66% a reversionary yield of 9.00% and a capital value per sq. ft. £30.76.
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