Staircraft Group, Units C1 and C2, Three Spires Industrial Estate, Ibstock Road, CV6 6JR
Make an enquiry
Atlas Real Estate has recently acted for Hortons’ Estates on the acquisition of a high yielding, long let industrial investment in Coventry.
The property is located immediately adjacent to Junction 3 of M6 and comprises two units extending to a total of 74,525 sq.ft.
The units were let on completion to Staircraft Group, with a guarantee from Summit Timber Group, on a new 10 year lease. The commencing rent is £505,316 per annum reflecting £6.75 per sq.ft. The lease is held on FRI terms, subject to a schedule of condition, with annual reviews to CPI collared and capped at 2% and 4%. There is an upward only review to open market value on expiry of the 5th year.
The investment was acquired for £6,500,000 which reflected a net initial yield of 7.33%.
Cartwright Hands represented the vendor.
