We are delighted to be instructed by Seamount Property Development to market Howdens, Unit 1 at Elgin Trade Park, Elgin.
Unit 1 is let to Howdens Joinery Properties Limited on a new 15 year lease from 29th July 2021, on FRI terms with a parent company guarantee from Howdens Joinery Limited.
The initial rent is £75,000 per annum (£7.39/sq.ft) subject to 5 yearly upward only rent reviews.
Other units on the park will include a 3,500 sq.ft unit pre-let to Crown Paints, due for practical completion in Q2 2022 and terms are out on a 5,000 sq.ft unit to the rear.
We are instructed to seek offers in excess of £1,325,000 reflecting a NIY of 5.34% based on purchaser costs of 5.93%.