Industrial & Logistics

Centurion Mill, Sowton Industrial Estate

Centurion Mill Business Park Kestrel Way Exeter, DEVON United Kingdom EX2 7LA
Asking Price
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price
NOI Net Operating Income N/A
Cap Rate N/A

Key Facts

Year Built 1970
Tenure Type Freehold
Building Area

Property Description

Centurion Mill is a large warehouse unit with office and retail accommodation at the southern facade facing onto Kestrel Way. The unit is of steel frame construction with brick and block elevations beneath a lined northlight roof. The unit has an eaves height of approximately 5 metres.

There is a staff room/canteen, two offices and separate male and female WC facilities. There is a loading bay at the south west corner of the building and another loading bay at the north west corner of the building, with three dock levellers, protected by a canopy. There are two mezzanine floors of steel frame construction providing additional storage and plant space.

Investment Highlights

  • Situated on the established Sowton Industrial Estate.
  • Strategic location with easy access to Junctions 29 and 30 of the M5 Motorway.
  • Multi-let industrial investment totalling 72,246 sq ft GIA and capable of subdivision.
  • Freehold.
  • Low passing rent of £313,100 per annum, reflecting only £4.33 per sq ft overall.
  • 85% of the income let to Stovax Heating Group Limited (D&B rating 4A1).
  •  The company is wedded to the estate and location operating from 9 buildings on Sowton Industrial Estate.
  •  Offers are sought in excess of £4,200,000 (Four Million, Two hundred Thousand Pounds) subject to contract and exclusive of VAT.
  • A purchase at this level reflects an attractive Net Initial Yield of 7.00%, after allowing for purchaser’s costs of 6.55%. This reflects  a Capital Value of £58.13 per sq ft.
Simon Bennett
Simon Bennett
Director - Capital Markets
Ross Wigley
Ross Wigley
Senior Surveyor - Capital Markets

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