Executive Summary

The Greenridge Portfolio comprises 13 properties comprising 6 warehouses and 7 offices in 13 locations throughout England in towns that include Sunderland, Egham, Nottingham and Stokenchurch.

Tenure

The majority of properties within the portfolio are held freehold, whilst Dearne Valley and Nottingham are long leasehold with over 100 years unexpired.

Tenancies & Income

The properties are let to 19 tenants and produce a current income of £5,569,240 per annum, derived from tenants that include Fujitsu, DBC, British Marine Federation, Wolseley UK, GWR Group Plc, Deloitte LLP and ABB Ltd.

Value Added Tax

We understand that all of the properties within the portfolio are elected for VAT.

Proposal

We are instructed to seek offers of £57,750,000 (Fifty Seven Million, Seven Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT.  A purchase at this level would reflect a net initial yield of 9.12%, and a reversionary yield of 9.51%, upon settlement of outstanding rent reviews, letting of vacant accommodation, future RPI based rent review and after allowing for purchaser’s costs of 5.75%.

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