- Croydon is situated on the A23 and has established itself as one of London’s prime urban logistics locations proving unparalleled connectivity to Central London and the wider national motorway network.
- Pegasus Road is immediately served by the A23 which leads into the M23 and provides direct access to Junction 7 of the M25 enabling quick access to Greater London and the south east.
- Croydon is home to many national and global occupiers including; Amazon, Costco,
Chanel, DHL, Selco, Saint Gobain, Howdens
and Safestore.
- The property is situated on a 3.85-acre site providing a low site coverage for Greater London of 45%.
- The property comprises four purpose-built modern detached units providing a total Gross Internal Area of 74,806 sq ft (6,949.50 sq m).
- Highly specified industrial units of steel portal frame construction, internal eaves of 6m – 11m, multiple level access loading doors,
well configured secure yards and extensive
car parking.
- Fully let to four strong tenants including London Fire Commissioner, C.Brewers & Sons Limited, Iveco Limited and Bunzl UK Limited. Each with Creditsafe rating scores of between
96 – 100 A representing ‘very low risk’ of business failure.
- Weighted unexpired lease term of approximately 9.90 years to expiry and 6.40 years to break.
- Total passing rent of £1,102,385 per annum which reflects a very low average passing rent of £14.74 per sq ft.
- Prime rents in the area are now established at in excess of £20.00 per sq ft with quoting rents on new stock at £25.00 per sq ft.
- 33% by floorspace is subject to rent reviews within the next 12 months providing a significant opportunity to capture the reversionary nature of the property.
- Opportunity to re-let on a Gross External Area basis to further maximise the income return.
Offers are invited in excess of £22,500,000 subject to contract and exclusive of VAT.
A purchase at this level will reflect a Net Initial Yield of 4.60% and a capital value of £300 per sq ft, after assuming purchaser’s costs of 6.75%.
