1-3 Baynes Place, Chelmsford

Modern multi-let freehold retail warehouse investment opportunity

• Property specification

  • Comprises two retail warehouse units totalling 40,856 sq ft (GIA)
  • Site extends to 1.47 hectares (3.64 acres) with 124 car parking spaces
  • Let to Wickes Building Supplies Limited and SEH BAC Limited and Eastern Power Networks Plc (peppercorn rent), producing a total income of £770,000 per annum, equating to £18.84 psf overall
  • Unit 1: Wickes Building Supplies Limited (D&B 5A1) occupies on a 10‑year lease expiring 30 March 2033 at a rent of £600,000 per annum (£16.59 psf), with a fixed uplift to £678,884.93 per annum (£18.78 psf) on 31 March 2028
  • WAULT of 8.92 years to expiry and 6.55 years to break
  • 78% of the income let to a 5A1 covenant
  • We are instructed to seek offers in excess of £10,000,000, subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 7.22% and a capital value of £244.76 psf after applying purchaser’s costs of 6.74%
  • New key point...