Industrial property for sale in Park Royal

This property is marketed by:
Strettons

Property Features

• A prime North West London Commercial Serviced Business Centre investment and development opportunity in the heart of Park Royal
• Excellent road connections with access to the A40 connecting Park Royal to Central London to the east and the M25/M40 interchange to the west
• Serviced Business Centre totalling 42,756 sq ft (3,972 sqm) Gross External Area (GEA)
• Entirely let to Artistic Spaces Limited on fully repairing & insuring terms on a new 15 year leaseback guaranteed by Artistic Spaces Group Limited, with Retail Price Index (RPI) linked rent reviews compounding 5 yearly with collar and cap at 1.5% to 4%
• Landlord only option to break on 25/3/2028 and 25/3/2033 subject to 6 months notice, for future development optionality
• Initial leaseback rent of £750,000 per annum, reflecting a reversionary rent of £17.54 per sq ft, with prime industrial rents in Park Royal in excess of £30.00 psf
• Trading with 98.7% passing occupancy with 6yr track record onsite, with no rental arrears from sub-tenants
• Vendor recently installed 84 KWP solar photovoltaic system to the roof, boosting the building’s energy efficiency and ESG credentials
• The site extends to approximately 0.76 acres (0.38 hectares) with a further 0.141 acres (0.057 hectares) available for further development
• Freehold
• Artistic Spaces Limited has a Net Worth of £12.65m & Total Assets of £39.1m. Artistic Spaces Group has Net Assets of £19.2m & Total Assets of £70m. Artistic Spaces have a wider estate of 16 properties, with a combined footprint of over 500,000 sq ft
• Option to develop a further 13,950 sq ft of workshop studios (GIA) on the existing car park, with pre-let to Artistic Spaces on mirror lease terms to the main building. Artistic Spaces have a desire to commit to a rental of £250,000 per annum to forward commit this development, subject to final planning approvals and side agreement

Description

The subject property comprises a part-one part-two storey quasi office industrial style building of steel portal frame construction under a pitched roof with rear carpark/yard area, in use as a commercial serviced business centre.

The property is currently arranged as 76 self-contained units (unit numbers run from 1 – 83 however including double units and units set aside for management purposes) let out to individual tenants for a range of mixed commercial purposes across general multiple uses including B1/2/8, D2 and A1.

Park Royal is the UK’s premier industrial location, covering 1,800 acres across the London Boroughs of Hammersmith & Fulham, Ealing and Brent.

The subject property is situated on the north side of Standard Road and the west side of Dragor Road. Park Royal is the largest business park in London (comprising approximately 1,200 acres) and one of the country’s leading industrial locations. As such, the immediate area is heavily commercialised, with industrial uses across a range of workshop, distribution, manufacturing, storage and office uses.