Tewkesbury Industrial Centre | Shannon Way
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Tewkesbury Industrial Centre Shannon Way
17,886 SF 100% Leased Light Industrial Building Tewkesbury GL20 8ND £1,945,000 (£109/SF) 6.37% Net Initial Yield
Executive Summary
• A self-contained detached industrial unit located in an established commercial location.
• Prime location within close proximity to junction 9 of the M5 Motorway.
• Occupiers in the vicinity include: Screwfix, DHL, Royal Mail, GAP, Porsche and Auto Windscreens.
• Building totals 17,886 sq ft (GIA).
• Unit refurbished in 2021 for a cost of c.£495,000 (c.£28.00 per sq ft).
• Freehold site of 0.89 acres which provides a very low site coverage of c.30%.
• EPC Rating of B-45.
• Single let by way of an assignment to Mitie limited.
• Current tenant is ultimately owned by Mitie Group PLC who have a revenue in excess of £4.5bn.
• Let for a term of 10 years from 29th September 2021 with a tenant break option at the end of the 5th year (2 month rent penalty on break).
• Passing rent of £123,892 per annum equating to a low £6.93 per sq ft overall.
• Term of 7.07 years to expiry and 2.07 years to break.
• Open market upwards only rent review in the 5th year (29th December 2026).
• Rent considered to be reversionary with headline rents in the region of £9.00 psf in Tewkesbury.
Proposal
Offers sought in excess of £1,945,000 subject to contract and exclusive of VAT reflecting a low capital value of £109 psf.
A purchase at this level would reflect a Net Initial Yield of 6.00% and a Reversionary Yield of 7.50% (assuming an ERV of £8.75 psf), after purchasers’ costs of 6.26%.
• Prime location within close proximity to junction 9 of the M5 Motorway.
• Occupiers in the vicinity include: Screwfix, DHL, Royal Mail, GAP, Porsche and Auto Windscreens.
• Building totals 17,886 sq ft (GIA).
• Unit refurbished in 2021 for a cost of c.£495,000 (c.£28.00 per sq ft).
• Freehold site of 0.89 acres which provides a very low site coverage of c.30%.
• EPC Rating of B-45.
• Single let by way of an assignment to Mitie limited.
• Current tenant is ultimately owned by Mitie Group PLC who have a revenue in excess of £4.5bn.
• Let for a term of 10 years from 29th September 2021 with a tenant break option at the end of the 5th year (2 month rent penalty on break).
• Passing rent of £123,892 per annum equating to a low £6.93 per sq ft overall.
• Term of 7.07 years to expiry and 2.07 years to break.
• Open market upwards only rent review in the 5th year (29th December 2026).
• Rent considered to be reversionary with headline rents in the region of £9.00 psf in Tewkesbury.
Proposal
Offers sought in excess of £1,945,000 subject to contract and exclusive of VAT reflecting a low capital value of £109 psf.
A purchase at this level would reflect a Net Initial Yield of 6.00% and a Reversionary Yield of 7.50% (assuming an ERV of £8.75 psf), after purchasers’ costs of 6.26%.
Property Facts
| Price | £1,945,000 | Property Subtype | Light Manufacturing |
| Price Per SF | £109 | Building Class | B |
| Sale Type | Investment | Rentable Building Area | 17,886 SF |
| Net Initial Yield | 6.37% | Number of Floors | 2 |
| Tenure | Freehold | Year Built | 1986 |
| Property Type | Light Industrial | Parking Ratio | 2.8/1,000 SF |
| Price | £1,945,000 |
| Price Per SF | £109 |
| Sale Type | Investment |
| Net Initial Yield | 6.37% |
| Tenure | Freehold |
| Property Type | Light Industrial |
| Property Subtype | Light Manufacturing |
| Building Class | B |
| Rentable Building Area | 17,886 SF |
| Number of Floors | 2 |
| Year Built | 1986 |
| Parking Ratio | 2.8/1,000 SF |
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Tewkesbury Industrial Centre | Shannon Way
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