Saint Hilary Centre, David Steet, Bridgend Industrial Estate, Bridgend CF31 3SA
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Reversionary multi-let trade counter investment opportunity, Saint Hilary Centre, Bridgend Industrial Estate.
Bridgend is in South Wales 23 miles west of Cardiff and a similar distance south east of Swansea.
Saint Hilary Centre lies on a prominent site fronting the main junction onto Bridgend Industrial Estate. 2 miles east of the town centre. Junction 35 of M4 is 3 miles to the east.
The property comprises five trade/industrial units built in 1999 in two terraces.
Occupiers include Topps Tiles, Sally Salon Services and CEF. Scheme has been in same ownership for over 25 years.
The units extend in total to 1,876.4 sqm (20,198 sq ft) on a Gross Internal Area basis.
The property is let to four tenants and offers an AWULT of 6.0 years to expiries and 5.5 years to breaks.
The average length of occupancy of the tenants in Units 1 to 4 is 20 years, they account for 87% of current income.
The current combined rent is £150,750 per annum which reflects an average of only £7.98 per sq ft.
Our ERV, is £179,176 per annum, an 18.9% increase from the passing rent.
We are instructed to seek offers in excess of £1,890,000 (One Million Eight Hundred & Ninety Thousand Pounds) subject to contract and exclusive of VAT.
A purchase at this price would reflect a net initial yield of 7.50%.
The reversionary yield based on our ERV is 8.92%.
A capital value of only £94 sq ft.
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