Flagstaff 42, Ashby-de-la-ZouchPosted on March 12, 2019
In March 2019 Clay Street completed the acquisition of this prime, reversionary logistics investment on behalf of Royal London.
- Grade A Logistics Unit
- Excellent Golden Triangle Midlands location on the established Ashby Park benefiting from direct access onto Junction 13 of A42 dual carriageway leading to the M42 just 9 miles to the south.
- Modern distribution unit totalling 128,193 sqft on a site area of 5.90 acres reflecting a very low site cover of 49%.
- Constructed in 2000 to an institutional specification including; a maximum of 12m eaves, 5 dock level & 2 level loading doors, 35m yard depths and Grade A 2 storey office accommodation.
- Let to United Biscuits (UK) Limited (D&B Rating 5A1) expiring 23 July 2027 with a tenant break option on 24 July 2022 providing an unexpired term of 8.71 years to expiry and 3.71 years to break.
- Tenant wedded to the location occupying national sorting and packing facility on adjacent unit with a lease expiry in 2027 which is co-terminus with the subject property.
- Current rent of £720,025 per annum reflecting £5.65 per ft.
- Attractive underlying occupational market with increasing rental levels being achieved in the East Midlands region, presenting excellent rental growth prospects.
- Reversionary ERV in excess of £5.75 per sqft.
The sale concluded at £12,050,000 reflecting a Net Initial Yield of 5.60%. The vendor; London Metric was represented by JLL.