Rivet, Waterman Road, Coventry , CV6 5TP, Warwickshire, West Midlands
- Prime distribution location, in the heart of the Midlands region.
- High quality, modern distribution warehouse extending to 20,680 sq m (222,598 sq ft) constructed to a full institutional specification.
- Site area of 4.95ha (12.23 acres) providing a low site coverage of 40%.
- The entire property has been let by way of an agreement for lease to Lear Corporation (UK) Limited for a term of 15 years from 1 April 2013.
- Total initial rent of £1,244,300 per annum reflecting a rent of £5.50 per sq ft.
- 5 yearly upwards only rent reviews, with the first review being to the higher of open market value or £1,279,950 per annum (£5.75 per sq ft).
- B1, B2 and B8 planning consent.
- We are instructed to seek offers in excess of £14.46 million subject to contract and exclusive of VAT.
- A purchase at this level would reflect an attractive net initial yield of 8% increasing to 8.36% in year 5, after allowing for purchaser’s costs of 5.80%.