Current Sales

Ibstock plc, Lodge Lane Factory, Lodge Lane, Cannock, Staffordshire

Prime Industrial/Distribution facility constructed in 1992 with a total gross internal area of 14,632.1 sq. m. (157,503 sq. ft) and a site area of approximately 3.7 ha (9.14 acres).
Located close to the M6 (Junction 11 & 12) and adjacent to the M6 Toll Road (Junction T7).
Virtual freehold.
Let to the undoubted covenants of Tarmac Holdings Ltd, Ibstock Brick Ltd and Ibstock Group Ltd.
FRI lease for a term expiring 20th December 2027 (17.5 years unexpired).
Rent reviews to be based on 30,000 sq. ft. units within a 15 mile radius.
Privity of contract.
Opportunity to purchase Gibraltar based company (with outstanding loan) which owns the property as its sole asset thus mitigating stamp duty.
Current rental income £992,044 per annum (£6.30 per sq. ft) with 5 yearly rent reviews (next review 2012).
Offers sought in excess of £1.8 million subject to contract and exclusive of VAT for the company with the existing loan in place. With a current loan balance of £11.961 million plus £1.8 million for the company i.e. a total of £13.761 million it shows a net initial yield of 7.1% after allowing for purchaser's costs of 1.75%.