
Langley Park, Chippenham SN15 1GE
Price: £19,250,000 - Initial Yield:8.25%
Date: Q4 2020
Acting on behalf of MAS REI, we advised on the sale of this strategic multi-let industrial estate for £19.25m, reflecting a net initial yield of 8.25%.
Langley Park comprises approximately 396,935 sq ft of warehouse and office accommodation across three main buildings. In addition, there is extensive car parking provision across the site which is a major benefit to all tenants. The park is let to five tenants including Siemens Mobility Ltd, Schneider Electric Ltd, NHS Property Services Ltd, Vysiion Ltd and Littlefuse Inc with an attractive AWULT of 4.9 years to expiry and 4.05 years to breaks. Total passing rent of £1,814,014 p.a, reflecting a very low rate of £4.51 per sq ft. The low rents across the site represent excellent value for money for the occupiers.
Numerous asset management angles to explore in the short-medium term including possible lease extension/ re-gear with Littlefuse and Siemens at upcoming lease expiries, capturing rental growth at upcoming lease events or obtaining vacant possession for residential redevelopment. Wiltshire Council are committed to developing brown field sites and have a target of 4,500 homes to build in Chippenham by 2026. House building has been substantially below anticipated rates mainly due to a lack of suitable sites to develop.
Contact
David Kos
Tel:
020 7493 3330
Mob:
07709 813267
dkos@lewisellis.co.uk
Julian Gallagher
Tel:
020 7493 3330
Mob:
07941 413 299
jgallagher@lewisellis.co.uk