Equity Trade Centre and IO Centre, Hobley Drive, Swindon
Equity Trade Centre and IO Centre, Hobley Drive, Swindon, Wiltshire, SN3 4NS, GB
Property Features
- Prime industrial/trade counter scheme in Swindon, located in a prominent position fronting Hobley Drive.
- Comprises 123,753 sq ft, arranged as 51,703 sq ft of trade counter accommodation and 72,050 sq ft of industrial uses.
- Freehold.
- Fully let to 22 tenants on 25 separate leases, providing an attractive WAULT of 4.2 years to expiry and 2.1 years to break.
- Diverse range of occupiers.
- Over 75% of passing rent is secured against ‘Very Low Risk’ rated covenants.
- Produces a total passing rent of £1,094,686 per annum, equating to a low average passing rent of £11.60 per sq ft and £6.86 per sq ft respectively, for the trade counter and industrial uses.
- Strong tenant retention, illustrated by the fact that 12 break options have not been activated by tenants on the estate over the last 5 years.
Opportunity to acquire a modern, reversionary multi-let trade counter and industrial investment.
The Equity Trade Centre and IO Centre provides a two-phase development, comprising both trade counter and industrial provisions, constructed in the early 2000’s.
Equity Trade Centre comprises a terrace of 7 high quality trade counter units (T9-T15) totalling 24,519 sq ft, constructed in 2004 of steel portal frame with steel profile cladding. The units occupy a prominent position facing Hobley Drive. An additional 14 units to the rear, have been sold off on 999 year leases, at peppercorn rents.
IO Centre comprises a two-phase development developed in 2000 comprising 8 high specification trade counter units (T1-T8) of steel portal frame construction, arranged in two terraces totalling 27,184 sq ft facing Hobley Drive and 10 modern industrial units (1-10) arranged over 2 terraces totalling 72,050 sq ft.
The property is fully let to 22 tenants on 25 separate leases, providing a WAULT of 4.2 years to expiry and 2.1 years to break. The passing rent totals £1,094,686 per annum, equating to a low average passing rent of £6.86 per sq ft and £11.60 per sq ft respectively, for the industrial and trade counter uses.
We are of the opinion that ERV of the standard units in the IO Centre are now £8.50 per square foot, and ERV of the Trade Park is £13-£14 per square foot, the higher rent applying to the units fronting Hobley Drive.
Location
The IO Centre and Equity Trade Centre is regarded as the prime industrial/trade counter scheme in Swindon, strategically positioned on Hobley Drive (B4006), Swindon Road and Radway Road. The trade park occupies a prominent site with excellent main road frontage onto Hobley Drive, totalling approximately 380 metres.
The property is located just 2 miles North East of the commercial centre of Swindon, and has easy access onto the A419 dual carriageway, the major through route connecting Swindon to J15 of the M4 (5.7 miles). The estate’s primary access is located off Hobley Drive and has a second access point via Radway Road.
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