SP Manweb, Erf Way, Middlewich, CW10 0TE
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Acquisition of a long let, modern industrial investment on a prominent industrial estate in Middlewich on behalf of a private client.
The modern industrial hybrid unit sits on site of 2.09 acres. Internally there are two storey offices, warehouse and mezzanine store area. The large yard is fully concreted with separate 69 space car park.
The unit extends in total to 14,451 sqft plus a mezzanine of 1,230 sqft.
The property is let to SP Manweb on a 20 year term from May 2017 at a passing rent of £170,000 per annum. There are five yearly minimum fixed increases with the first due in 2022 to £177,000 per annum.
The property was acquired for £2,900,000 reflecting 5.51% initial yield and a minimum reversion in 2022 to 5.73%
Christopher Dee acted for the vendor.
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