Earlswood Business Park, Poolhead Lane, Earlswood, Solihull B94 5EW
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Reversionary multi let industrial estate located directly north of the M42 and 6 miles south west of Solihull town centre. J3 of M42 is 1½ miles to the west.
Substantially refurbished estate extending in total to 49,623 sq ft. Currently 20 units ranging from 400 sq ft to 13,500 sq ft and 0.3 acres of secure storage land. Potential to develop further for open storage or industrial units. Estate extends overall to 3.45 acres.
The industrial estate is currently 100% let to 16 tenants on 24 leases. There is an WAULT of 3.25 years to expiries and 3.0 years to breaks.
The weighted average length of occupancy of existing tenants on the estate is almost 14 years.
The current combined rent is £303,530 per annum. Rents range from £4.33 per sq ft to recent deals at over £9.00 per sq ft.
ERV – £361,424 per annum, an increase of just under 20%. Potential to capture 45% of the reversion in the next 12 months.
Asset management opportunities both short and medium term with several over the next 12 months.
We are instructed to seek offers in excess of £3,200,000 (Three Million Two Hundred Thousand Pounds). This shows a net initial yield of 8.91%, allowing for purchaser’s costs of 6.48%.
Based on our ERVs there is a reversion to 10.61%. A purchase at this level shows a capital value of only £60 per sq ft on the existing accommodation.
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