Acting on behalf of University College, Oxford, Carter Jonas has acquired a multi-let industrial investment located in the prosperous West Sussex town of Horsham.
The property comprises two detached modern warehouse units which are situated close to the town centre, whilst enjoying ease of access to the A24 and A264 bypasses and thereby the M23.
The two units have a combined total area of some 30,300 sqft. and have the benefit of self-contained loading yards and car parking areas.
The units, which are more or less identical in size, are let to well-established companies, C Brewer & Sons Limited and Safeguard Europe Limited, who are the original tenants of the buildings and have been in occupation for circa 20 years.
The total passing rent is £223,250 pa which equates to approx. £7.35 psf on average, with an outstanding review to be actioned on Unit 1.
University College has purchased a 999 year leasehold interest at a peppercorn, with an option to purchase the freehold interest in 2029 for a consideration on £1.
The purchase price was £3.725M reflecting a net initial yield of 6.00%.