Third Way Industrial Estate, Avonmouth, BS11 9TPMake an enquiry
Franck-Steier Price Ltd (FSP) have recently completed the acquisition of a high yielding multi let industrial investment in Avonmouth. The property was purchased by Avonmouth Estates.
The property comprises a former single industrial unit which had been split into four units, all with separate access and yards. The total accommodation extends to 145,594 sqft.
The property is occupied by three tenants on short term leases. The total income from the tenants is £400,181 per annum, an average rent of £2.75 per sqft.
The property is held on two long leases from Bristol City Council, both with 57 years unexpired. The ground rent is currently £168,750 per annum and reviewable every 25 years. The next review is September 2019. The rent is based on land value.
The property was purchased for £1,063,000 which represents a net initial yield of 20.58%, assuming full costs of purchase of 5.8%. This also reflects a capital value of £7.30 per sqft.