Key Features
Current income: £30,000 per annum exclusive
Net Initial Yield: 7.2%
ERV at review: £37,000 per annum exclusive
Net Reversionary Yield 8.88%
Low Capital Value at £400,000 of £117 psf
The property is occupied by Rim Plastics Holding Limited
The property has an EPC rating of E-120.
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Property Description
Mid-terrace industrial/warehouse unit constructed of steel portal frame with concrete block walls, externally clad in profiled metal sheeting underneath a pitched roof. The unit is arranged to provide warehouse served by with level access roller shutter loading door, plus ground floor office/store offices, and WC's. A first floor kitchen is also provided which leads to the mezzanine storage area. Externally, estate parking is provided.
INVESTMENT SUMMARY
Assuming an ERV at review of £37,000 pax (£11 per sq. ft.) and a purchase price of £400,000 exclusive, this equates to a net initial yield of 7.2% and a net reversionary yield of 8.88% (allowing for purchaser's costs of 4.49%), and a low capital value of £117 per sq. ft. The property is occupied by Rim Plastics Holding Limited who have an Experian credit rating of 61/100 (below average risk).
Location
Basildon is situated in the Thames Gateway approximately 30 miles to the east of central London accessed via the A127 and A13 trunk roads which provide good communications throughout the South East Essex Area and direct links to the M25 motorway which is approximately 10 miles distant. Basildon main line railway station provides services to London Fenchurch Street.
VAT
All rents, prices and premiums are exclusive of VAT under the Finance Act 1989.
