Property overview

The property is located on the established Clover Nook Industrial Estate in Alfreton.  The property is situated adjacent to the A38 dual carriageway, which provided direct access to Junction 28 of M1, 1.5 miles to the east.  The property comprises a detached, refurbished, distribution unit extending to 86,533 sq.ft and is securely let to Recticel Limited, guaranteed by Recticel SA, for a term of 19 years expiring on 20 December 2031 (8.3 years unexpired).  The tenant has a Dun & Bradstreet rating of 5A2 and a net worth of £53.7m.  The guarantor is listed on the Euronext stock exchange in Brussels with a market capitalisation of €650m.  Recticel’s UK foam manufacturing plant is located opposite the subject property and the property is used for final preparation of the products and distribution.  Current passing rent of £446,500 per annum, equating to a low average rent of £5.17 per sq.ft.  Offers sought in excess of £6,440,000 which reflects a net initial yield of 6.50% and a low capital value of £74.42 per sq.ft.