Units C1-C3 & D | Foundry Lane | Horsham

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INVESTMENT SUMMARY

  • South East multi-let industrial estate located in the affluent town of Horsham.
  • Situated in the principal trade zone within Horsham with excellent prominence to Foundry Lane and a short distance from the town centre.
  • The property comprises approximately 41,198 sq ft GIA across four industrial units, arranged as a terrace of t hree units and a standalone unit.
  • Units C1-3 are let to Trend Control Systems Limited – a wholly owned subsidiary of Honeywell International Inc. The tenant has been operating from the estate for over 35 years.
  • Unit D is let to TLC (Southern) Limited and is operated as a trade counter.
  • AWULT of 3.0 yrs to breaks and 5.5 years to expiries.
  • Low average passing rent of £8.37 psf (£344,880 pa) with reversionary potential when compared with headline rents in Horsham of between £10 -£12 psf.
  • Ample yard and car parking, providing longer term reconfiguration or redevelopment opportunities (stp).
  • Strong South East rental growth forecasts should continue to drive local rents upwards.
  • Freehold site of c.2.5 acres, reflecting a very low site cover of 32%.

 

We are instructed to seek offers in excess of £5,630,000 (five million six hundred and thirty thousand pounds), subject to contract and exclusive of VAT.

A purchase at this level reflects a 5.75% Net Initial Yield after allowing for purchaser’s costs of 6.61%. This represents a  low capital value of £137psf.

 

For further information please contact Will Davies or Dan Grant.

 

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