3 Baynes Pl 59,659 sq ft Retail Property Chelmsford CM1 2QX £10,000,000 (£167.62/sq ft) 7.20% Net Initial Yield

• Modern multi-let freehold retail warehouse investment opportunity.
• Prominent roadside location within Chelmsford’s established retail and leisure cluster, less than one mile from the Clock Tower Retail Park.
• Comprises two retail warehouse units totalling 40,856 sq ft (GIA).
• Site extends to 1.47 hectares (3.64 acres) with 124 car parking spaces.
• Let to Wickes Building Supplies Limited and SEH BAC Limited and Eastern Power Networks Plc (peppercorn rent), producing a total income of £770,000 per annum, equating to £18.84 psf overall.
• Unit 1: Wickes Building Supplies Limited (D&B 5A1) occupies on a 10-year lease expiring 31 March 2033 at a rent of £600,000 per annum (£16.59 psf), with a fixed uplift to £678,884.93 per annum (£18.78 psf) on 31 March 2028.
• Unit 2: SEH BAC Limited occupies on a 15-year lease expiring 31 October 2040 at a rent of £170,000 per annum (£36.19 psf), with five-yearly rent reviews and break dates. The rent reviews are subject to maximum uplifts.
• WAULT of 8.92 years to expiry and 6.55 years to break.
• 78% of the income let to a 5A1 covenant.