CBRE has been appointed as sole agents to dispose of a 300,000 ft² (approx. 27,900 m²) industrial scheme in Sittingbourne, Kent on behalf of North West based property investment and development company, The Peel Group.
Built in 1997, Spade Lane is fully let and secured to two strong 5A1 rated covenants International Produce Ltd (with Asda Stores Ltd as guarantor) and Intier Automotive Interiors Ltd (wholly owned by Magna International). Situated on a 24.8 acre site, the scheme was recently granted planning permission to develop a further 44,000 ft² (approx. 4,100 m²) of industrial accommodation.
Will Kennon of CBRE comments: "This is a unique opportunity to acquire a prime, income producing asset in the South East secured and fully occupied by two high quality tenants who have been in long term occupation since the development completed. The accommodation is inherently flexible for further subdivision, and in addition to the opportunity for an extension the existing planning permission allows for a highly flexible mix of any uses within Classes B1(c), B2 or B8. Further opportunities to enhance the scheme in addition to the extension include the ability to install up to 2.5 MW of power through solar panels across the large roof covering thus creating additional income."
Mr. Kennon continues: "We anticipate significant interest in this asset and are seeking offers in the region of £15,185,000, (approx.. 18.4 million) reflecting an attractive net initial yield of 10% and a capital value of £50 per sq ft."