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Summary
- Prime investment opportunity
- Secure income: Tenant owned by multi-billion dollar companies with market cap of $70 billion
- Premium business and industrial location
- Tenant within the expanding defence industry
- New lease renewal reflecting tenant’s long-term commitment
- Tenant heavily invested in the property
- Reversionary income
- Offers in the region of £3,295,000, subject to contract
- 6.5% Net Initial Yield
- 7.3% Net Reversionary Yield
Location
Unit F, Tiber Way, Meridian Business Park, Leicester, LE19 1QP, UK
Meridian Business Park in Leicester is recognised as one of the premier business and industrial locations in the United Kingdom. It lies immediately to the east of the M1 Motorway, accessible from Junctions 21 at the intersection with the M69 Motorway. The M1 Motorway provides a direct connection to the national motorway network, including London some 100 miles / 161 km to the south and Leeds 95 miles / 153 km to the north. The M69 provides a fast and easy connection to the M6 Motorway at Junction 2, some 15 miles / 24 km distant.
East Midlands airport is only 20 miles / 32 kms from the property. The airport is a major UK air hub, offering both domestic and international flights. The airport operates numerous cargo flights, making it one the busiest freight airports in the UK, thereby facilitating efficient logistics and supply chain operations for businesses located at Meridian Business Park.
Well known occupiers at Meridian Business Park include Royal Mail, DHL, Sytner Group, Toyota, British Gas and Bunzl, to name just a few.
Fosse Shopping Park, one of the UK’s largest out-of-town shopping parks, is positioned close to Meridian Business Park, accessed easily from the M1 Motorway via the A5460. The substantial retail park is renowned for its extensive shopping, dining and entertainment with occupiers including Next, Marks & Spencer, River Island, Sports Direct, Ikea, McDonald’s, Pure Gym and Starbucks.
Situation
Unit F is prominently positioned fronting Meridian East which provides fast and easy access to Meridian South, leading to the M1 Motorway junction. Meridian East also leads north to Meridian Way which connect with the A563 at the junction with the Meridian Leisure Park, an established entertainment facility including a Vue cinema and many well-known restaurants including Nandos, Burger King and Five Guys.
Please refer to the aerial photography provided to appreciate the prime position of the property.
Description
Unit F is a modern industrial / warehouse unit built in the late 1990s. It is of steel portal frame construction with brick elevations and steel profile cladding, beneath a pitched steel-clad roof. The eaves height is 7 metres /23 feet. Two loading doors lead to a large concrete parking and turning area. The property was built with integral two-story offices, benefitting from raised access floors, suspended ceilings and comfort cooling.
The tenant has invested heavily into the unit. Please refer to “Tenant’s Capital Investment” below.
A Precast Panel Inspection of 6th December 2023 is available. The report, by Firntec Building Compliance, confirms that precast panels at the property are not formed of Reinforced Autoclaved Aerated Concrete (RAAC).
