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Units 1 & 2 3 Baynes Pl 40,856 SF 100% Leased Retail Building Chelmsford CM1 2QX $13,593,052 ($332.71/SF) 7.20% Cap Rate
Investment Highlights
- Good road communications
- Established industrial area
- Train services from the town centre to London Liverpool Street
Executive Summary
• Modern multi-let freehold retail warehouse investment opportunity.
• Prominent roadside location within Chelmsford’s established retail and leisure cluster, less than one mile from the Clock Tower Retail Park.
• 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 31 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.
• Unit 2: SEH BAC Limited occupies on a 15-year lease expiring 31 October 2040 at a rent of £170,000 per annum (£36.19 psf), with five-yearly rent reviews and break dates. The rent reviews are subject to maximum uplifts.
• WAULT of 8.92 years to expiry and 6.55 years to break.
• 78% of the income let to a 5A1 covenant.
• Prominent roadside location within Chelmsford’s established retail and leisure cluster, less than one mile from the Clock Tower Retail Park.
• 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 31 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.
• Unit 2: SEH BAC Limited occupies on a 15-year lease expiring 31 October 2040 at a rent of £170,000 per annum (£36.19 psf), with five-yearly rent reviews and break dates. The rent reviews are subject to maximum uplifts.
• WAULT of 8.92 years to expiry and 6.55 years to break.
• 78% of the income let to a 5A1 covenant.
Property Facts
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Freestanding
Building Size
40,856 SF
Building Class
B
Year Built
1994
Price
$13,593,052
Price Per SF
$332.71
Cap Rate
7.20%
NOI
$978,700
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.30
Lot Size
3.10 AC
Parking
60 Spaces (1.01 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
- Fenced Lot
- Freeway Visibility
- Security System
- Wheelchair Accessible
- Automatic Blinds
- Storage Space
- Air Conditioning
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Nearby Major Retailers
1 of 4
Videos
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Photos
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Street
Map
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Units 1 & 2 | 3 Baynes Pl
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