Commercial property
Under Offer
South East Multi Let Industrial & Business Estate: Hitchin Industrial Estate, Wilbury Way, Hitchin

Investment for sale
£11,140,000 / NIY 8.00%
Summary
  • South-east industrial and business estate offering high income return and priced off a low capital value per sq ft at a significant discount to replacement costs
  • Hitchin Industrial Estate is situated 4.5 miles from J8 A1(M), 4.3 miles from J9 A1(M), and 1.7 miles from the town centre
  • The property provides approximately 188,240 sq ft (17,488.2 sq m) of industrial, warehouse and business accommodation in 18 buildings
  • Asset management opportunities to add value through lease restructuring, rent reviews, refurbishment and active management
  • The property is fully let and historically has had a high tenant retention rate
  • Current income £951,077 per annum equating to a low £5.05 per sq ft overall compared to adjacent markets
  • AWULT of 5.2 years and 3.77 years to breaks
  • Multi let to 25 tenants
  • The asset was developed by the Vendor and has been in the same ownership throughout
  • Explore joint venture opportunity with adjacent rural landowner for urban extension to town
  • Offers are sought in excess of £11,140,000 subject to contract and exclusive of VAT for our client’s freehold interest in the estate, and shareholding in the estate management company reflecting a net initial yield of 8% assuming standard purchaser’s costs of 6.71%
  • A purchase at this level reflects a capital value of £59.18 per sq ft, below the cost of reinstatement, and £935,000 per acre
Done
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