industrial
Ref 16938

Centurion Mill

Kestrel Way
EX2 7LA Exeter

To buy£4,200,000
Size72,246 ft² / 6,712 m²
Initial yield7%

Description

Freehold Multi-Let Investment Opportunity

Investment Summary

  • Situated on the established Sowton Industrial Estate.
  • Strategic location with easy access to Junctions 29 and 30 of the M5 Motorway.
  • Multi-let industrial investment totalling 72,246 sq ft GIA and capable of subdivision.
  • Freehold.
  • Low passing rent of £313,100 per annum, reflecting only £4.33 per sq ft overall.
  • 85% of the income let to Stovax Heating Group Limited (D&B rating 4A1).
  • The company is wedded to the estate and location operating from 9 buildings on Sowton Industrial Estate.
  • Offers are sought in excess of £4,200,000 (Four Million, Two hundred Thousand Pounds) subject to contract and exclusive of VAT.
  • A purchase at this level reflects an attractive Net Initial Yield of 7.00%, after allowing for purchaser’s costs of 6.55%. This reflects a Capital Value of £58.13 per sq ft.

Property Description

Centurion Mill is a large warehouse unit with office and retail accommodation at the southern facade facing onto Kestrel Way. The unit is of steel frame construction with brick and block elevations beneath a lined northlight roof. The unit has an eaves height of approximately 5 metres.There is a staff room/canteen, two offices and separate male and female WC facilities. There is a loading bay at the south west corner of the building and another loading bay at the north west corner of the building, with three dock levellers, protected by a canopy. There are two mezzanine floors of steel frame construction providing additional storage and plant space. The two storey office accommodation at the southern façade has been converted into two separate retail units with excellent frontage onto Kestrel Way and Moor Lane. The first floor office accommodation is currently utilised as a training centre for Stovax and also as ancillary storage.

Energy rating

Energy rating D-F

Location and Transport

Sowton Industrial Estate has established itself as the main distribution location for the city. The estate is easily accessed from Junctions 29 and 30 of the M5 motorway, giving easy access throughout the south west region. The property is located towards the southern end of Sowton Industrial Estate, on the corner of Kestrel Way and Moor Lane. The units are accessed from Kestrel Way, one of the main arterial roads through the Estate, or via an unnamed estate road, which runs in an easterly direction from Kestrel Way, to the north of the property. Nearby occupiers on the Estate include Wickes, Screwfix, Travis Perkin, Dunelm and Wolseley.