Sold
Worthing – Freehold Lab/Office Investment Let to a committed Blue Chip covenant for a further 10.76 years
Eurotherm Unit, Faraday Close, Worthing, West Sussex, BN13 3PL
Offers in excess of £4,240,000
- Property Type:
- Commercial
- Sub Type:
- Office
- Tenure:
- Freehold
- Net Initial Yield:
- 7.75%
Description
- 4,757 sq m (51,205 sq ft) industrial-office building located close to the A27 in Worthing, West Sussex
- Freehold
- Let to Eurotherm Ltd with a guarantee from Invensys Ltd (5A1) on a 30 year FRI lease from 7th February 2002. Schneider Electric (5A1) is the holding company of Invensys and Eurotherm Ltd
- Low passing rent of £350,000 per annum (£6.85 psf)
- Tenant has recently moved their 2022 break option to 2027
- The tenant is undertaking a multi million pound refurbishment program illustrating commitment to the property
- AWULT of 10.76 years to expiry and 5.72 years to break
- Site area approximately of 3.9 acres providing a low site cover of 31%
- Excellent alternative use potential (STP)