Finlan Road, Middleton, Middleton, M24 2RWSATNAV REF: M24 2RW M24 2RW
Rare opportunity to purchase a well let industrial investment located within one of the North West's premier industrial locations.
Extending to 49.8 acres (20.15 hectares) within an overall estate of 211 acres (86 hectares).
Unrivalled location immediately adjacent to the A627(M), providing direct access to Junction 20 of the M62 within one mile.
Limited regional supply of existing and new build alternatives.
Modern industrial estate comprising 45 industrial units and 2 office buildings.
Multi-let to 33 tenants by way of 39 leases, providing a WAULT of 5.4 years (2.9 years to break).
Extending to 679,845 sq. ft. (63,158 sq. m.).
Total headline rent of £3,192,281 per annum exclusive (only £4.77 per sq. ft. average).
Immediately reversionary with a projected ERV of £3,624,358 per annum exclusive (only £5.43 per sq. ft. average) based on a conservative ERV.
Low site coverage of only 31%.
Excellent value enhancement potential through asset management and rental growth.
Opportunity to expand ownership further through purchase of surrounding assets.
Offers in excess of £44,250,000 (Forty Four Million, Two Hundred and Fifty Thousand Pounds), subject to contract, based on purchasers costs of 6.78%.
A purchase at this level would reflect the following:
Net initial yield of 6.75%
Reversionary yield of 7.66%
Equivalent yield of 7.47%