- An opportunity to purchase a prime Greater London distribution warehouse which is the Tenant’s Regional Distribution Centre serving the whole of the South East of England.
- Strategically located on an established Greater London industrial park immediately to the south east of the junction of the M25 motorway (junction 25) and the A10.
- Freehold.
- The property, constructed in 1999, comprises a modern distribution warehouseunit, with two storey ancillary offices, and a vehicle maintenance garage.
- The unit extends to approximately 22,814.0 m2 (245,570 ft2) on a Gross InternalBasis.
- The site area is approximately 5.87 hectares (14.51 acres) which represents a low site coverage of only 38%.
- The property is let to Iceland Foods Limited (formerly Iceland Food Plc), with a guarantee from Icebox Holdings Limited, for a term of 25 years and three months from 1st April 2002. There are approximately 15.8 years unexpired.
- Iceland Foods Limited has a D&B rating of 5A1.
- The current rent of £2,152,876 per annum (£8.76 per ft2) benefits from being reviewed annually at a rate of 3% per annum. The vendor will top the rent up to the July 2012 level to provide a passing rent of £2,217,462 per annum (£9.03 per ft2).
- We are instructed by our client to seek offers in excess of £34,000,000 (Thirty Four Million Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 6.16% assuming purchasers’ costs of 5.80%.