Portfolio

Lion Portfolio 

 

Price: £25,773,000 - Initial Yield:6.93%

Date: Q4 2015

Acting on behalf of IOAM we advised on the sale of this portfolio to Cordatus Real Estate for £25.773m, reflecting a net initial yield of 6.93%. 

Portfolio comprising 10 well located multi-let industrial estates in the UK. A total lettable area of 389,805 sq ft, of which 24,913 sq ft comprises multi-let office accommodation, producing a total income of £1,891,593 p.a, equating to a low average rent of £5.41 psf on the let industrial and £8.17 psf on the let office accommodation. The portfolio vacancy rate is approximately 15.53% and is split between 15 industrial units totalling 54,136 sq ft and 4 office suites totalling 6,400 sq ft. When fully let the portfolio’s passing rent will be approximately £2,152,993 p.a based on prevailing estimated rental values on the vacant units. The portfolio has an attractive WAULT of 4.8 years to lease expiry and 2.7 years to earliest breaks. The income is secured to a diverse spread of 92 tenants with well-known names including Aalco Metals, Boots Alliance, Pilkington Automotive, National Veterinary Services and Bradford District Care Trust.

Excellent opportunity to add value through letting the remaining vacant space and undertaking lease renewals to increase the portfolio rental tone. Recent letting deals across the portfolio have demonstrated strong rental growth which can be further capitalised through on going active management.

Contact

Jeff Ellis

Tel: 020 7493 3330
Mob: 07775 582 719
jellis@lewisellis.co.uk

James Elkington

Tel: 020 7493 3330
Mob: 07810722459
jelkington@lewisellis.co.uk

Julian Gallagher

Tel: 020 7493 3330
Mob: 07941 413 299
jgallagher@lewisellis.co.uk


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