Magnet, Athena Avenue, Elgin Industrial Estate, Swindon SN2 8HQ
sold
Reversionary trade counter investment located on prominent, highly visible site on Elgin Industrial Estate, Swindon.
Nearby occupiers include Lok’n’Store, Booker, Screwfix, SIG, Formula One, Toolstation & Travis Perkins.
The unit extends to 9,990 sq ft.
The property is let to Magnet Ltd on a 10 year FRI lease from 24 June 2014 with five yearly open market rent reviews.
The tenant has been in occupation for over 50 years. The lease expires in June 2024.
The current rent passing is £72,000 per annum (only £7.21 per sq ft).
The ERV is £84,915 (£8.50 per sq ft).
We are instructed to seek offers in excess of £850,000 (Eight Hundred & Fifty Thousand Pounds) subject to contract and exclusive of VAT.
A purchase at this price would reflect a net initial yield of 8.0% and a reversion to 9.5%.
The underlying capital value is only £85 per sq ft.
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