In November 2016, Joiner Cummings acted on behalf of Rockspring, on the sale of Ash & Birch Industrial Estate in Swindon.
Modern multi-let industrial estate in a core M4 corridor location. Ash and Birch form part of Kembrey Park, one of the principle employment locations in Swindon. Major occupiers on the park include G4S, Nationwide, Goedis Wilson and Honda.
The combined estate comprises 35 modern units providing a total gross internal area of 159,677 sq ft (14,834 sq m) with unit sizes ranging from 743 sq ft to 24,562 sq ft (69 sq m – 2,282 sq m).
- Multi let to 33 tenants providing a total rental income of £857,826 per annum (including top-ups and rental guarantees), reflecting a low overall passing rent of £5.62 per sq ft for the industrial units and offering strong prospects for rental growth.
- The property offers an attractive income profile with an AWULT of 6.0 years to lease expiries and 4.6 years to earliest determination.
- Total site area of approximately 10.33 acres (4.18 hectares) which reflects a low site density of 35%.
- Active asset management opportunities to drive the rental value, including letting vacant units, progressing rent reviews and lease renewals.