Vertical Aerospace, Barberry 14, Severn Road, Avonmouth, Bristol BS10 7SB
sold
New build, single let industrial investment opportunity.
Newly constructed detached 13,402 sq ft industrial unit on a self contained 1.01 acre site (26% site cover) with 23 allocated car parking spaces.
Located 1.5 miles south of J1 of M49 and a similar distance north of J18/18A of M5. Part of the wider Central Park area and located on a recently released new industrial development land parcel.
The unit is let on an FRI lease to Vertical Aerospace Group Ltd on a 10 year term from 25th November 2022. The passing rent is £170,000 per annum.
There is a Year 5 rent review to annually compounded RPI increases, with an annual collar and cap of 2% & 4%.
Barclays Bank are providing a guarantee to the rent for the duration of the lease term.
We are instructed to seek offers in excess of £2,905,000 (Two Million, Nine Hundred & Five Thousand Pounds) subject to contract and exclusive of VAT.
A purchase at this price would reflect a net initial yield of 5.50%, assuming costs of purchase of 6.45%.
The reversion at Year 5, assuming 3% per annum RPI growth is 6.37%.
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