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Deeside, Cheshire – Well-let Industrial Warehouse with Fixed Uplift & Low Site Coverage
TI Automotive Systems, Tenth Avenue, Deeside Industrial Park, Deeside, CH5 2UA
- Property Type:
- Commercial
- Sub Type:
- Industrial
- Tenure:
- Freehold
Income
£438,900 pa
Description
- Distribution and manufacturing warehouse totalling 9,570 sq m (103,012 sq ft).
- Strategically located in Deeside, one of the North West’s principal industrial location with excellent motorway connections.
- Large site area of 9.16 acres (3.71 ha).
- Very low site coverage of 24%.
- Freehold.
- Let to TI Automotive System (Deeside) Ltd with a guarantee from TI Automotive Ltd until 31 August 2027.
- Current passing rent of £438,900 per annum (£4.59 per sq ft) rising £463,544 per annum (£4.85 per sq ft) on the 1st September 2022.
- Brand new 5 year lease extension agreed recently.
- The tenant has invested a considerable amount improving the property and currently erecting a temporary building in the rear yard to extend their capacity.
- Offers sought in excess of £6,500,000 subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 6.35% rising to 6.7% in September 2022 assuming purchaser’s costs of 6.64%. This reflects a low capital value of £63.10 per sq ft.