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- Multi-Let Light Industrial Investment Opportunity.
- Strategic location adjacent to the renowned Purley Way.
- The London Borough of Croydon is the second largest London borough in terms of population.
- The property is adjacent to Big Yellow Self Storage, West Retail Park (Wren Kitchens) and Thornton Road Trading Estate.
- The property comprises a mixed-use commercial light industrial and residential building.
- The commercial element comprises the ground and mezzanine floors.
- A new 999 year lease at a peppercorn over the commercial element.
- Diverse range of income with 32 units let to 12 tenants.
- Currently only 2 vacant units.
- Consistently fully let before and during Covid.
- Providing 22,277 sq ft (GIA).
- Total current gross passing rent of £226,567.20 per annum (including vendor top up on 2 vacant units).
- Let off a low average passing rent of £9.83 per sq ft net of operating expenditure.
- 40% of the income secured to a long standing tenant.
- Attractive asset management opportunities and ability to add value and diversify income through:
- Agreeing new leases and increasing the rental income.
- Obtaining vacant possession, refurbishing, and letting to a single occupier.
- OFFERS ARE SOUGHT IN THE REGION OF £3,700,000
- A purchase at this level reflects a Gross Initial Yield of 5.75% exclusive of operating expenditure after purchaser’s costs of 6.52%.
- A purchase at the asking price reflects a low Capital Value of £166 per sq ft on the Gross Internal Area.
