Brake Bros Victoria Business Park 13,523 SF Industrial Building Roche PL26 8LX $1,266,802 ($93.68/SF) 6.84% Cap Rate

We are instructed to seek offers in excess of £950,000 (Nice hundred and fifty thousand pounds) reflecting a net initial yield of 6.84% (assuming purchaser’s costs of 5.75%) and a capital value of only £70 per sq ft.
The property is held freehold.
The property is let to Sysco GB Ltd (formerly Brake Bros Ltd) on a 20 year lease without break expiring 26th January 2033, providing an unexpired lease term of approximately 7 years. The current rent is £68,663 per annum which equates to a rent of £5.08 per sq ft. There are upwards only rent reviews every 5 years annually compounded in line with RPI (subject to a cap of 4% pa). The property is let on Full Repairing and Insuring terms subject to a Schedule of Condition. The tenant has a right of renewal for a further term of 15 years on 6 months’ notice.
The property comprises a detached modern warehouse on a secure corner plot of approximately 1.1 acres. The site benefits from dual access, currently divided into a staff parking area and a concrete loading yard. The unit is of steel portal frame construction clad in profile metal sheet under a pitched roof. To the front of the unit is two storey office accommodation together with welfare amenities. The warehouse has a minimum clear height of 5.89m and is accessed by two dock level loading doors. Internally the unit has been fitted with chilled and frozen storage areas, together with loading ramps to the dock level doors.
Victoria Business Park is strategically positioned in Central Cornwall, just north of Roche and situated directly off the A30 dual carriageway (c.1 mile / 3 mins to Roche junction and Cornwall Services). St Austell is 6 miles to the south, Newquay 11 miles to the west and the county town of Truro 15 miles to the south west. Victoria business park is a premier business and distribution location within the south west providing easy access into Cornwall and Devon. Neighbouring major occupiers include DPD, Conway Bailey Transport, Walstead and Ocean Fish.