Peel has announced it is bringing to the market a 300,000 sq. ft. (27,871 sq. m.) prime industrial property in a strategic location in Sittingbourne, Kent.
The Spade Lane property was built in 1997 and is fully let to International Produce Ltd, guaranteed by Asda Stores Ltd and Intier Automotive Interiors Ltd, wholly owned by Magna International.
The property benefits from planning consent for any uses within Classes B1(c), B2 and B8 and the 24.8 acre site also benefits from planning permission for a further 44,000 sq. ft. (4,088 sq. m.) of industrial space. Offers in the region of £15,185,000 for the freehold are being sought.
Property Director for The Peel Group, Mark Whittaker said “Spade Lane is a fantastic Investment opportunity in the South East property market. Fully let to excellent covenants, extremely flexible space and a generous site area of almost 25 acres, this property offers great security as well as significant scope for future expansion. With a net initial yield of 10%, this is a unique opportunity to acquire a strong freehold asset providing an attractive return.”
CBRE are sole agents appointed on the scheme.