The property is located on Kiln Farm industrial estate in Milton Keynes, onee of the most established industrial locations in the town. The property comprises a modern multi-let industrial estate of 10 units totalling 24,163 sq.ft. The property is fully let with a total passing rent of £165,734 per annum (low average rent of £6.86 per sq.ft). Offers sought in excess of £2,225,000 which reflects a net initial yield of 7.00% and a reversionary yield of 7.92%. Low underlying capital value value of £92 per sq.ft.
Acting on behalf of Clipstone Industrial Unit Trust, Franck-Steier Price has recently completed the sale of the above freehold multi let industrial estate.
The property comprises a modern L shaped terrace of 10 units constructed in the early 2000’s. Each unit has offices at first floor and an eaves height of 5m. There is a shared service yard to the rear of each unit and car parking to the front.
The estate totals 24,163 sq.ft on a site of 2.68 acres with a low site density of 21%.
The estate was fully let at the time of disposal producing a total rental income of £165,734 per annum.
The sale price was £2,450,000 which represents a net initial yield of 6.36%, after normal purchaser’s costs.
Commenting on the sale Andrew Franck-Steier said “We are delighted to have achieved this price for our client’s Clipstone, which is way in excess of the original quoting price of £2,225,000.’