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Booker Wholesale Wilson Way 33,030 SF Industrial Building Pool TR15 3RH $2,785,048 ($84.32/SF) 5.67% Cap Rate
Investment Highlights
- The property is situated on the established Pool Industrial Estate, adjacent to the A30
- Single-let to Booker Limited (D&B 5A2 Covenant) - Tenant is a wholly owned subsidiary of Tesco Plc
- Tenant break option removed, highlighting Booker’s commitment to the property
- Detached single-storey warehouse extending 33,030 sq.ft (3,068.59 sq.m)
- Unexpired Lease Term of 5.7-years
- Freehold
Executive Summary
We are instructed to seek offers in excess of £2,075,000 (Two Million And Seventy-Five Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 5.67%, assuming purchasers costs of 6.29%, provides an attractive Equivalent Yield of 8.51% and a Reversionary Yield of 8.99% to reflect a low Capital Value of £62.82 psf.
The property is freehold.
The property comprises a detached wholesale distribution warehouse constructed in 1960. The building comprises a steel framed, twin bay detached light industrial building with brick and blockwork elevations surmounted by profile steel cladding beneath a lined and insulated corrugated asbestos roof incorporating roof lights.
The building has a minimum eaves height of 5.1m. The front of the property is accessed via three automatic half-glazed double-width pedestrian doors in addition to a small roller shutter door beneath a profile steel-clad canopy, extending across the width of the front elevation. To the rear of the property is a loading bay with an electric up-and-over roller shutter door beneath a canopy. Externally, there is parking for 57 cars and yardage.
The property is let in its entirety to Booker Ltd on a FRI lease for a term of 10 years, from 29th September 2021, expiring 28th September 2031. The current passing rent is £125,000 pa (£3.78 psf). Next open market rent review due 28th September 2026. In our opinion the property has an ERV of £198,000 pa (£6.00 psf), providing a significant uplift of 58% from the current passing rent.
The property is freehold.
The property comprises a detached wholesale distribution warehouse constructed in 1960. The building comprises a steel framed, twin bay detached light industrial building with brick and blockwork elevations surmounted by profile steel cladding beneath a lined and insulated corrugated asbestos roof incorporating roof lights.
The building has a minimum eaves height of 5.1m. The front of the property is accessed via three automatic half-glazed double-width pedestrian doors in addition to a small roller shutter door beneath a profile steel-clad canopy, extending across the width of the front elevation. To the rear of the property is a loading bay with an electric up-and-over roller shutter door beneath a canopy. Externally, there is parking for 57 cars and yardage.
The property is let in its entirety to Booker Ltd on a FRI lease for a term of 10 years, from 29th September 2021, expiring 28th September 2031. The current passing rent is £125,000 pa (£3.78 psf). Next open market rent review due 28th September 2026. In our opinion the property has an ERV of £198,000 pa (£6.00 psf), providing a significant uplift of 58% from the current passing rent.
Property Facts
| Price | $2,785,048 | Lot Size | 0.78 AC |
| Price Per SF | $84.32 | Rentable Building Area | 33,030 SF |
| Sale Type | Investment | No. Stories | 1 |
| Cap Rate | 5.67% | Year Built | 1960 |
| Tenure | Freehold | Tenancy | Single |
| Property Type | Industrial | Parking Ratio | 1.36/1,000 SF |
| Property Subtype | Warehouse | Clear Ceiling Height | 16’ (4.88 m) |
| Building Class | B | No. Dock-High Doors/Loading | 1 |
| Price | $2,785,048 |
| Price Per SF | $84.32 |
| Sale Type | Investment |
| Cap Rate | 5.67% |
| Tenure | Freehold |
| Property Type | Industrial |
| Property Subtype | Warehouse |
| Building Class | B |
| Lot Size | 0.78 AC |
| Rentable Building Area | 33,030 SF |
| No. Stories | 1 |
| Year Built | 1960 |
| Tenancy | Single |
| Parking Ratio | 1.36/1,000 SF |
| Clear Ceiling Height | 16’ (4.88 m) |
| No. Dock-High Doors/Loading | 1 |
Amenities
- Energy Performance Rating - B
- Automatic Blinds
- Storage Space
Utilities
- Lighting
- Gas
- Water
- Sewer
- Heating
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Booker Wholesale | Wilson Way
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