Overton Park, PeterboroughPosted on November 12, 2018
In November 2018 Clay Street completed the acquisition of this reversionary multi-let industrial investment on behalf of Royal London.
- Situated in prime industrial location in close proximity to the A1(M) and Peterborough city centre
- The property comprises 40 units totalling 321,848 sq ft and a further 22 units sold off on long leaseholds
- Let to 21 tenants on 23 FRI leases with a WAULT of 4.5 years to expiry and 3.9 years to break
- Current passing rent of £1,324,008 per annum reflecting an average rent of £4.11 per sq ft overall (excluding long leasehold rents)
- Potential reversionary income of £1,608,033 per annum
- Planning permission pending to construct an additional 14 units totalling 57,371 sq ft
The transaction concluded at £21,980,000 reflecting a Net Initial Yield of 5.68%. Cortex Partners represented the vendor; Westbrook Partners.