Brochure

OPEN STORAGE AREAS

OPEN STORAGE SUMMARY

Total Open Storage Areas

64 (798,445 sq ft)

Vacant Open Storage Areas

29 ( 335,289 sq ft)

Vacancy Rate

42%

Occupiers

33

Total Contracted Income

£149,149 per annum

Average Passing Rent

£0.32 per sq ft / £13,939 per acre

Estimated Rental Value (ERV)

£560,713 per annum

ERV per sq ft Class 1 surface

£0.90 per sq ft / £39,204 per acre

ERV per sq ft Class 2 surface

£0.60 per sq ft / £26,136 per acre

Reversionary Percentage

276%

WAULT

WAULT to Expiry 0.6 years

ASSET MANAGEMENT OPPORTUNITIES

  • Levelling and resurfacing the unprepared areas can enhance the estimated rental value (ERV).
  • Installing fencing to create secure open storage would enhance rental demand, similar to the successful compounds 191B and 190A as pictured.
  • Jordan Road Surfacing Limited has expressed interest in leasing the neighbouring land previously occupied by units 87-90. This presents an opportunity that requires minimal capital expenditure and would help improve the income on the estate.
  • Re-letting the units on FRI leases instead of the existing licences provides the opportunity to improve the income profile and reduce costs on the estate.