|Property Reference Number||200003627928|
JLL has been retained to facilitate the sale of a modern distribution facility in Redditch with 15 years of index-linked income.
Redditch is a major town in the West Midlands located approximately 15.2miles south of Birmingham, 27.9 miles west of Coventry and 116 miles north west of London. Velocity 42 is situated at the northern end of Park Farm Industrial Estate, one of the principle industrial areas within Redditch.
The subject property comprises a modern, distribution facility constructed in 2019, extending to a gross internal area of 45,810 sq ft (4,255.89 sq m).
- A modern, strategically located distribution warehouse facility located on a new distribution park development.
- Located within an excellent logistics network, positioned with easy access to junctions 2 and 3 of the M42 motorway, which in turn provides access to the M40 interchange to the east and the M5 interchange to the west.
- Strong labour supply dynamics, with 42.4% of residents in Redditch working in manufacturing, transport & storage, and wholesale trade.
- Built in 2019, the unit extends to 45,810 sq ft (4,255.89 sq m) GIA.
- The Property is let in its entirety to The Heartbeat Manufacturing Co (Redditch) Limited for a term of 15 years on full repairing and insuring terms.
- The passing rent is £312,000 per annum, equating to £6.81 per sq ft.
- The lease will incorporate 5-yearly, upwards only rent reviews to the compounded RPI pa (subject to a collar and cap of 1% pa - 4% pa).
We are instructed to seek offers in excess of £5,300,000, subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of 5.50% assuming standard purchasers’ costs and a capital value of £115.70 per sq ft.