DisposalUK Regional
17 - 35 Loverock Road, Reading, Berkshire
The Disposal of 17 - 35 Loverock Road, Reading.
- The freehold interest in 17 - 35 Loverock Road, Reading, Berkshire, RG30 1DZ, has been sold by Wallop Estates to Clipstone Industrial REIT plc.
- The multi-let industrial estate is located 1 mile from Reading town centre with excellent transport links and comprises 10 units fully let to 7 tenants on 8 separate leases across 31,440 sq ft.
- Wallop Estates acquired the property in February 2018 at which point 60% of the total income was subject to leases that had expired between 2010 and 2015 and a further 30% of the total income was subject to leases with tenant breaks or expiries within 2.5 years' time with an average rent of £6.11 per square foot.
- Wallop Estates renewed or regeared all the leases, increasing the average rent to £8.44 per square foot and the WAULT across the property to 4.3 years until break and 8.3 years until expiry.
- The rents remain below the market rents for the area and these asset management initiatives were executed without the loss of a single occupier demonstrating the ongoing strength in the sector both occupationally and investment wise.
- The purchase price of £4,250,000 reflects a net initial yield of 5.86%
- Nightingale Partners represented Wallop Estates.
- ANDAC Properties represented Clipstone.
