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Peall Road, Croydon CR0

MULTI-LET LIGHT INDUSTRIAL INVESTMENT
For sale
  • 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.
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