Fargro, Vinery Fields, Arundel Road, Poling, Arundel, West Sussex, BN18 9PYDownload the Sales Brochure Make an enquiry
Long income industrial sale & leaseback.
Fargro is located on the Vinery Industrial Estate which lies directly to the south of the A27, located north east of Poling and two miles south east of Arundel. 8 miles to the east is Worthing while Chichester is 13 miles to the west.
The main industrial warehouse is a detached three bay steel portal frame unit built in 2015. There is a mezzanine storage area running the full length of one bay.
There is a separate ancillary industrial unit known as the “Yarmer Barn”. It has its own parking and yard areas. Opposite the main warehouse is 1.39 acres of block paved open storage, approximately half of this has been covered with semi permanent polytunnels which is used for the storage of goods.
On an overall site of 11.22 acres. The main warehouse extends to 71,816 sq ft plus an additional ancillary industrial unit of 4,401 sq ft.
The property is to be let to Fargro Ltd on a new 15 year FRI lease from completion of the sale. The rent will be £700,000 per annum. The rent will be reviewed annually to CPI with a collar/cap of 1% to 3%. There will be a Schedule of Condition attached to the lease.
Offers are sought in excess of £12,375,000. This shows an initial yield of 5.25%, allowing for increased purchaser’s costs of 7.72%. There is potential running yield by Year 5 of 5.91%, based on 3% per annum CPI growth. The price reflects an underlying capital value of just over £140 per sq ft for the main warehouse unit.
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