Sold

Wedgwood Portfolio, Stoke-on-Trent, Staffordshire

Midlands

dba152

Tenure: Freehold
Tenancy: Single Let

Investment summary

•The portfolio comprises three properties: Factory Shop and Precision Studios, both in Longton, and Global Processing Centre, Stone Business Park. The total area is 19,820 sq m (213,346 sq ft).

•The Precision Studios was constructed in approximately 1975 and has accommodation totalling 8,236 sq m (88,651 sq ft) overall.

•The Factory Shop was developed in the late 1970s and has a floor area totaling 3,792 sq m (40,817 sq ft).

•Wedgwood Portfolio is let to Josiah Wedgwood & Sons Ltd with a surety from Waterford Wedgwood Plc.

•The lease expires July 2037.

•The passing rent is £1,027,117 per annum equating to £51.82 per sq m (£4.81 per sq ft) on the Global Processing Centre, £310,412 per annum on Precision Studio, Longton equating to £37.69 per sq m (£3.50 per sq ft) and £156,502 per annum on the Factory Shop, Longton equating to £41.27 per sq m (£3.83 per sq ft). The total passing rent is £1,494,031.

•Net intial yield 7.4%.