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Lincoln – Multi-let Industrial Investment

Crofton Close Industrial Estate, Lincoln, LN3 4NT

Offers in excess of £1,780,000

Property Type:
Commercial
Sub Type:
Industrial
Tenure:
Long Leasehold
Net Initial Yield:
7.50%

Income

£142,148 pa

Description

  • The property comprises a prominent and good quality industrial warehouse estate.
  • The property is located in the popular Allenby Trading Estate.
  • Modern multi-let industrial accommodation comprising 15 units totalling 2,841.7 sq m (30,588 sq ft).
  • The property is located within close proximity of the A57 and A15 leading directly to the A1 motorway, situated 17 miles to the west and the M1 is accessed via junction 30,
    36 miles to the west.
  • The property is held on a long lease for a term of 150 years.
  • The property is let to 12 individual tenants generating a net effective rent of £142,148 per annum, equating to a low overall passing rent of £4.82 psf.
  • Weighted average unexpired lease term of 3.11 years to expiry (2.07 years to break).
  • Site area of 1.65 acres (0.67 hectares) which represents a site cover of approximately 45%.
  • Offers in excess of £1,780,000 subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of 7.50% and a low capital rate of £58 psf, assuming standard purchasers cost.