Heathfield Way, Kings Heath Industrial Estate, Northampton, Northamptonshire, NN5 7QP

Property specification

• Large 20.39 acre (8.25 hectares) site, situated in the heart of Northampton Freehold
• Let to Siemens Mobility Limited (5A2 D&B rating) on a 30 year ground lease expiring 23rd April 2035, subject to a tenant break option on 1st May 2030, providing approximately 10 years unexpired and 5 years to break Tenant chose not to activate its 2025 break option demonstrating commitment to the site
• The tenant has invested in excess of £40m into the site since lease commencement developing everything there today
• The lease sits outside of the Landlord & Tenant Act 1954 Highly reversionary passing rent of £434,226 per annum subject to a rent review to 70% of OMRV for open storage use on the 1st May 2025
• The passing rent reflects an extremely low rental level of £27,707 per acre / £0.64 psf based on the rent review area of 15.672 acres Buildings on site will total c. 114,129 sq ft
• We are instructed to seek offers in excess of £5,000,000 subject to contract and exclusive of VAT A purchase at this level reflects a net initial yield of 8.15% after deducting purchaser's costs of 6.59% and a low capital value of approximately £245k per acre
• Based on open storage evidence in the area we consider the investment to be highly reversionary, with the benefit of a "day one" rent review
• £5,000,000 / NIY 8.15%