FSP and Harris Associates has recently completed the sale of a multi-let industrial estate on behalf of Pears Property.
The property is located within the established industrial area of Brackmills, Northampton. The property comprises an early 1980s 32 unit industrial estate totalling 273,843 sq.ft.
The property is fully let producing a total income of £1,508,105 per annum of which £132,698 per annum is a fit out rent expiring in March 2021. The property has a WAULT to breaks of 3.95 years and 5.65years to expiries.
The property was sold off market for £28,250,000 which reflected a net initial yield of 4.60%. Stonehill Partners represented the purchaser, M&G.
Ben Blackwall, Director at FSP comments ‘Pears Property responded to an off-market approach from the purchaser which we considered was ahead of current market pricing for an asset of this type. Pears Property had considerably improved the income on the estate during their ownership through new lettings, asset management and refurbishment work and the sale capitalised a considerable upside from their initial investment.’