Paycocke Road - Pilkington Uk Ltd, Basildon, ESS

The property comprises a two storey industrial/warehouse building with first floor office space and service yard.
The property is located in an established industrial area to the north of Basildon town centre on Paycocke Road, between its junction with Honeywood Road and the A132, just to the south of its junction with Southend Arterial Road (A127).

Sale Notes:
The investment opportunity comprises a vacant industrial/warehouse in an established industrial area. The existing tenant is no longer in occupation and has offered £1million to vacate. Dilapidation costs are estimated at £1.5million at the end of the lease.
Offers are sought for the freehold interest in excess of £2,250,000, which would reflect a net initial yield of 6.8%.

The entire property is presently let to Pilkington United Kingdom Ltd for a term of 35 years from 25th December 1979 at a current rent of £162,500 per annum, exclusive of rates. The lease provides for rent reviews every fifth year of the term and contains full repairing and insuring covenants.