Franck-Steier Price has recently completed the acquisition of prime industrial unit on behalf of LondonMetric plc.
The property comprises 88,573 sq.ft distribution unit developed in 2016 and located on Lancaster Way Business Park.
The property is let to Cambridge Commodities Ltd on a new 20 year lease from June 2018. The lease is held on FRI terms subject to 5 yearly reviews to RPI, collared at 2% and capped at 4% per annum compounded. The commencing rent is £487,152 per annum.
The property was acquired from Cambridge Commodities by sale and leaseback, represented by Tudor Toone, for £10,000,000 which reflects a net initial yield of 4.50%.