Haarer Goss, Exeter based chartered surveyors

Property News

NEW - Multi-Let Industrial Estate Invesment, Exeter
June 6, 2018, 9:42 am

Haarer Goss is instructed to market Units 1 - 11, Heron Road, Sowton Industrial Estate, Exeter.

- Strategically located on Sowton Industrial Estate, adjacent to Junctions 29 and 30 of the M5 motorway

- Comprising 11 units totalling 37,485 sq.ft on a site of 2.5 acres (1.017 hectares), 34% site cover

- Let to 7 tenants including Anglian Windows and Muller Wiseman

- Freehold

- Low base rents totalling £203,166 per annum £5.41 per sq.ft)

- Net initial yield 6.5%

- Low capital value of £78 per sq.ft

The property is constructed in two terraces, units 1 - 6 comprising 17,297 sq.ft and units 7 - 11 comprising 20,188 sq.ft.  Between the terraces there is a large service yard with part designated parking, loading and a communal yard area.

The units were constructed in the 1980's of steel portal frame construction with part brick, part profiled metal cladding elevations.  Each unit has a roller shutter door and ancillary accommodation.  The asbestos sheet roofs have been over clad with the exception of unit 2/3 whom have been a long standing tenant.

We have been instructed to seek offers in excess of £2,925,000 (two million nine hundred and twenty five thousand pounds), to reflect a net initial yield of 6.5% after deduction of 6.72% purchasing costs.

For further information please contact Iain Biddlestone 01392 251171.