Carter Jonas has acquired a multi let industrial estate in High Wycombe on behalf of Buckinghamshire County Council. Situated adjacent to Junction 3 of the M40 motorway, the property is located approximately 2 miles east of the town centre and mainline railway station.
The estate comprises of 182,000 sqft of industrial, warehouse and B1 office buildings arranged in 18 units, ranging in size from 4,275 sqft to 23,330 sqft. The buildings are let to seven occupiers on 12 separate leases. Occupiers include Homebase, Carpetright, Dreams, and a Tesco supermarket.
The site area is approximately 9 acres which produces a low site cover of around 27%. The passing rent is £1,589,000pa including vendor top-ups on rent free periods and rent, rates, and service charge for the single vacant unit which is currently being marketed, which equates to £8.70psf overall.
The property was developed over a number of phases commencing in the late 1980s, with future phases being added more recently. There is a range of building sizes and configurations present on the site which provides for a diverse tenant base. The tenants include Costa Ltd (UK HQ), Ultra Electronics, Clinimed and Clinipak, all of whom have been in occupation for over 20 years.
The estate has a WAULT of 9 years to lease expiry and 7 years to tenant break options and it was acquired from Aviva Investors at a price of
£21.40m showing a net initial yield of 7.00%.