Franck-Steier Price has recently acted on behalf of the Threadneedle Portfolio Services in the sale of a refurbished distribution warehouse investment on Hunters Way, Corby.
The property comprises a large distribution warehouse constructed in 1980 totalling 247,761 sq.ft on a sire of 9.88 acres.
The property has recently been refurbished and let to Advanced Supply Chain Limited for a term of 10 years with effect from 31st May 2019. The passing rent is £1,078,902 per annum which reflects £4.35 per sq.ft.
The property is held on a 999 year lease from 1987 at a rent of £100 per annum.
The purchase price paid was £15,700,000 representing a net initial yield of 6.44%, after usual costs of purchase of 6.73%.
Commenting on the transaction, Andrew Franck-Steier said “ We are delighted to have acted for Threadneedle on this sale and the price paid was in excess of the quoting price with the buyer performing in a very tight timescale.”
The purchaser was Corby and Huntingdon Borough Councils who were represented by Colliers.