Unit 10/10A Foster Avenue, Dunstable, LU5 5TA
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LondonMetric, represented by Atlas Real Estate, has recently completed on the acquisition of a prime urban logistics unit in Dunstable.
The property is located on Foster Avenue, adjacent to Woodside Industrial Estate, in the prime industrial location within Dunstable. The property comprises a 2004 built high specification semi detached warehouse unit extending to 18,619 sq.ft. The unit has the benefit of photovoltaic panelling on the roof and is heated by a biomass waste wood burner system.
The unit is let to Deralam Laminates Ltd until August 2025. The lease is held on FRI terms with an upward only review to open market value in February 2022. The current rent of £130,000 per annum equates to a very low rent per sq.ft of £6.98.
The property was acquired from Orchard Street, represented by Stonehill Partners, for £3,000,000 which reflected a net initial yield of 4.07% and a low capital value of £161 per sq.ft.
Ben Blackwall, Director at Atlas Real Estate ‘We were delighted to secure this prime urban logistics asset for LondonMetric. The property is significantly under-rented and the purchase was fully under-pinned by vacant possession value.’
