commercial property - Other for sale in PE29 2XR, for £22,830,000 by Bidwells - Proptyle

commercial property - Other for sale in PE29 2XR, for £22,830,000 by Bidwells

Unit 3, Cardinal Distribution Park, Godmanchester, Huntingdon PE29 2XR, £22,830,000

Freehold distribution investment for sale - DHL, Huntingdon. Property specification Prime freehold distribution warehouse with excellent access to the A14. Substantial improvements to the A14 between Cambridge and the A1 have improved the congestion in this section of the A14. The Property’s accessibility is now greatly improved with direct access on the A1307 leading to the A14 East to Felixstowe. Very tight supply in Eastern Region for distribution units and growing demand due to accessibility to Port of Felixstowe, East, North, Midlands and London Well specified logistics unit totalling 251,932 sq ft (23,405.3 sq m) on a selfcontained site with security gatehouse 4.38 hectares (10.82 acres). Let to DHL Supply Chain Limited (D&B 5A1) for a term of 10 years from 25 May 2017 expiring 24 May 2027 with a tenant break option on 24 May 2022. Contracted outside the 1954 L&T Act. Highly reversionary passing rent of £1,157,572 per annum equating to only £4.60 per sq ft. If available today we estimate the quoting rent would range from £6.00 to £6.25 per sq ft. Should the property become available to rent, based on an estimated rent of £6.00 to £6.25 per sq ft the potential reversionary yield would be 6.2% (£6.00 p/sq f) and 6.45% (for £6.25 p/sq f) We are instructed to seek offers in excess of £22,830,000, subject to contract and exclusive of VAT. A purchase as this level reflects a net initial yield of 4.75% and a capital value of £90.62 per sq ft, after purchaser’s costs of 6.8%.