iO Centre and Equity Trade Centre, Hobley Drive, SwindonPosted on December 20, 2019
In December 2019 Clay Street completed the acquisition of this key strategic industrial investment in the South West.
- Prime, modern multi-let trade park and industrial estate located in Swindon, a popular and established commercial centre in the South West, midway between Reading and Bristol.
- Situated in a prominent position on Kembrey Park, Swindon’s principal trade and industrial area, home to major occupiers including Howdens Joinery, Plumbase, Jewson and Wolseley.
- Approximately 380 metres of direct road frontage on to Hobley Drive (B4006), the main arterial route into Kembrey Park.
- The property benefits from excellent access to Junction 15 of the M4 motorway, providing swift and direct access to Reading and London to the east, Bristol to the west and the wider motorway network.
- Developed to a very high standard in two phases (iO Centre in 2000 and Equity Trade Park in 2004). The combined estates comprise 15 high quality trade units and 10 industrial units totalling 129,537 sq ft GIA.
- Let to 22 tenants on 24 leases (assuming leases currently under offer complete) at a headline rent of £1,013,685 per annum, reflecting a low rate of £7.82 psf and offering excellent prospects for rental growth.
- The estate is split as 56% trade counter income and 44% industrial estate income.
- The estate offers an attractive AWULT of 4.50 years to lease expiries and 3.05 years to earliest determination.
The asset was acquired for new client Swindon Borough Council for £15,495,000 representing a net initial yield of 6.15%. Gerald Eve acted for the vendor Canada Life.