Langage One, Plymouth PL7 5BGPosted on April 25, 2018
In April 2018 Clay Street advised on the sale of this key regional multi let industrial investment on behalf of Associated British Foods (ABF).
- Situated on the established Langage Business Park on the eastern edge of the Plymouth/Plympton conurbation.
- Total gross internal area of 121,964 sqft with a low built site cover of 37%, providing good yard depth and ample parking and site circulation.
- Fully let to 5 tenants across 6 units: Smiths News, DX Logistics, Encon Insulation, Amey and Dreams with a WAULT of 7.1 years to expiries and 5.0 years to breaks.
- Total passing rent of £601,280 per annum, reflecting a low average rent £4.93 per sqft, providing an excellent platform for rental growth.
- 89% of income secured to 5A1 tenants.
- Numerous asset management opportunities.
The asset was sold to Columbia Threadneedle (advised by CBRE) for £9,500,000 reflecting a Net Initial Yield of 5.93%.