Property overview

Atlas Real Estate, has successfully disposed of two sale and leaseback properties on behalf of Pringle Commerical Estates.

The properties are located on Ogee Business Park in Wellingborough and Sutherland Avenue Wolverhampton.

The Wellingborough unit was constructed in 2005 and comprises a detached modern warehouse unit extending to 20,773 sq. ft. on a site of 1.66 acres.  The Wolverhampton property comprises a manufacturing complex of eight industrial units, a detached office, a welfare block, three covered storage bays and 0.33 acres of hard surface storage land extending to 64,917 sq. ft. on a site of 4.14 acres.

Both properties are let to Robinson Manufacturing Limited for a term of 15 years from September 2022.  The leases are both held on full repairing and insuring terms subject to five yearly upward only reviews to CPI, collared at 1% and capped at 3% per annum compounded.  The commencing rents are £121,150 per annum for Wellingborough and £285,000 per annum for Wolverhampton.

Wellingborough sold for £1,900,000 which reflects a net initial yield of 5.95% and Wolverhampton sold for £4,000,000 which reflects a net initial yield of 6.63%.

TT&G represented the purchaser of Wellingborough.  The purchaser of Wolverhampton was unrepresented.