Units 3-6 Caley Close, Sweet Briar Road Industrial Estate, Norwich, Norfolk, NR3 2BU

Property specification

• Freehold 3.07 acre site (low site density of 34%)
• Comprising four units, totalling 45,949 sq ft GIA with 69 car parking spaces and excellent loading provisions
• Fully let to three tenants; DX Network Services Ltd, Smiths Metal Centres Ltd, and Vink UK Ltd, all with strong covenants
• WAULT of 9.91 years to expiry and 6.01 years to break, offering secure income with asset management potential
• Total passing rent of £357,000 per annum, reflecting a low average rent of £7.77 psf, with an ERV of £400,978 (£8.73 psf) offering reversionary potential
• Our client is seeking offers in excess of £5,050,000 subject to contract and exclusive of VAT which reflects a low capital value of £110 psf
• A purchase at this level reflets at NIY of 6.63% and an attractive estimated reversionary yield of 7.45%, with an equivalent yield of 7.31%, assuming standard purchasers' costs at 6.63%
• £5,050,000 / NIY 6.63%