Royal Mail, 1 The Stampings, Coventry, CV6 5ABMake an enquiry
Acquisition on behalf of a private client of a single let industrial investment.
The property is located on the Stampings, north of Coventry city centre and just off the A444 on an established prominent, mixed use commercial park.
The property comprises a purpose built modern industrial unit used by Royal Mail as one of their Coventry sorting offices. The unit is steel portal frame with a large car park and separate yard with loading canopy. The unit extends to 16,482 sqft. The overall site is 1.8 acres providing a low site cover of only 21%.
The property is let to Royal Mail on a 20 year lease from December 2009.The lease has 5 yearly rent reviews on an open market basis assuming a standard industrial unit of 31,500 sqft. The current passing rent is £195,000 per annum which reflects a rent of £6.19 per sqft on the rent review basis.
The property was acquired for £3,500,000 which reflected an initial yield of 5.23%.
The property was sold by ESH who were acting for Wigley Group.
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