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Wickes Foster Rd 28,029 SF Retail Building Sevington TN24 0SH $11,678,593 CAD ($416.66 CAD/SF) 6.50% Cap Rate
Investment Highlights
- Close to local amenities
- Open plan
- High ceilings
Executive Summary
The property comprises a prominent freehold retail warehouse investment in Ashford, Kent, let to Wickes Building Supplies Limited. The unit extends to approximately 27,834 sq ft GIA on a site of 1.7 acres (0.7 hectares) and benefits from an open A1 non-food planning consent. The asset is strategically located off the busy A2070 dual carriageway, providing direct connectivity to the M20 motorway within a two-minute drivetime, and is situated adjacent to Ashford Retail Park, the town’s principal retail destination. Ashford is a densely populated market town with a 15-minute drivetime catchment of over 110,000 people, with further significant regeneration underway including approximately 10,000 new homes within a 10-minute drivetime.
The property is let in its entirety to Wickes Building Supplies Limited, a Very Low Risk rated national multiple, which has been in occupation for over 35 years and recently invested circa £1.2 million into store refurbishment, demonstrating long-term commitment to the site. The lease was regeared in 2023 to provide a term certain of 10 years, expiring in June 2033, with an upwards only open market rent review in 2028, subject to a cap of £504,722.49 per annum. The passing rent is £434,500 per annum, reflecting a low £15.61 per sq ft. The asset is offered at a quoting price of £6,270,000, reflecting a net initial yield of 6.50% after allowing for usual purchaser’s costs.
The property is let in its entirety to Wickes Building Supplies Limited, a Very Low Risk rated national multiple, which has been in occupation for over 35 years and recently invested circa £1.2 million into store refurbishment, demonstrating long-term commitment to the site. The lease was regeared in 2023 to provide a term certain of 10 years, expiring in June 2033, with an upwards only open market rent review in 2028, subject to a cap of £504,722.49 per annum. The passing rent is £434,500 per annum, reflecting a low £15.61 per sq ft. The asset is offered at a quoting price of £6,270,000, reflecting a net initial yield of 6.50% after allowing for usual purchaser’s costs.
Property Facts
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Freestanding
Building Size
28,029 SF
Building Class
B
Year Built
1990
Price
$11,678,593 CAD
Price Per SF
$416.66 CAD
Cap Rate
6.50%
NOI
$759,109 CAD
Tenancy
Single
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.37
Lot Size
1.76 AC
Parking
120 Spaces (4.31 Spaces per 1,000 SF Leased)
Frontage
339’ on Foster Rd
Amenities
- Signage
- Tenant Controlled HVAC
- Wheelchair Accessible
- Storage Space
- Air Conditioning
- Smoke Detector
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Nearby Major Retailers
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Wickes | Foster Rd
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