This 66,000 sq ft unit is prominently located on the Parkway Industrial Estate overlooking the Marsh Mills Retail Park in Plymouth. The estate sits just off the main arterial A38 (‘Devon Expressway’) road providing excellent access to both Plymouth and the national road network. The unit is now serviced by 6 level-access doors (3 newly added in 2022) and has an internal eves height of approximately 5.1m.

Key statistics

Valuation
(31 March 2022)

£8.0m

Valuation
(31 March 2021)

£4.7m

Area
(sq ft)

66,000

WAULT

10.0 years

Contracted rent

£0.5m

Average rent (per sq ft)

£7.0

What is it?

This asset is a 66,000 sq ft single-let warehouse in Plymouth, Devon, which we acquired in December 2017. The warehouse is well-specified and sits on a 3.9-acre site in the established Parkway Industrial Estate, which is home to a diverse range of occupiers from the retail, trade and logistics sectors.  The warehouse benefits from its close proximity to the A38, which is a major arterial route connecting Cornwall in the South West and Mansfield in the East Midlands, and is just one mile from Plymouth city centre.

What have we done since purchase?

The warehouse was constructed in 1985 and is in an area starved of supply. We identified the potential for targeted capital expenditure to upgrade the asset to a modern specification, further enhancing its appeal to occupiers and driving rental levels and the capital value.  Having secured vacant possession on lease expiry, we are presently undertaking a comprehensive £1.6 million refurbishment of the property, to bring it up to grade A standard. This includes replacing the roof, extensive redecoration inside and out and replacing the lighting throughout with LEDs, to target an EPC A rating on completion.

What is the future?

We have entered into an agreement for lease with a major third‑party logistics provider for a ten-year term (with no breaks). The agreement reflects a 34.5% uplift to the 31 March 2021 ERV, with a headline rent of £0.5 million per annum or £7.00 per sq ft.  The new lease is targeted to complete following completion on the landlord works in July 2022.

Sustainability features

  • Full scale upgrade of original building in progress
  • New LED lighting throughout building
  • New roof installation
  • Rolec EV charging capability installed for tenant use
  • Secured additional large scale power supply, future proofing the building

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