The properties are excellently located within the established industrial area of Woodside Estate, Dunstable. Nimbus Park us a modern 8 unit industrial estate totalling 12,922.98 sq.m (139,103 sq.ft) and 10/10a Foster Avenue is a modern semi-detached unit totalling 1,731.60 sq.m (18,639 sq.ft). Fully let producing a total income of £1,133,484 per annum, equating to a low average rent of £7.19 per sq.ft. WAULT to breaks 4.96 years and 7.54 years to expiries. Significant reversionary potential as referenced by the latest letting on the park on Unit 5 at an overall rent of £9.69 per sq.ft. Both properties are held freehold. Offers sought in excess of £21,236,000 which reflects a net initial yield of 5.00% and a reversionary yield of 6.23%, assuming costs of purchase of 6.75%.
FSP has recently completed the sale of a prime multi-let industrial estate and distribution unit on behalf of Pears Property.
The properties are located within the established industrial area of Woodside Estate, Dunstable. Nimbus Park is a modern 8 unit industrial estate totalling 139,103 sq.ft and 10/10a Foster Avenue is a modern semi-detached unit of 18,639 sq.ft.
The properties are fully let producing a total income of £1,133,484 per annum with a WAULT to breaks of 4.96 years and 7.54 years to expiries.
The properties were sold for £27,950,000 which reflected a net initial yield of 3.80%. Stonehill Partners represented the purchaser, Orchard Street.
Ben Blackwall, Director at FSP comments ‘The sale was hotly contested with over 10 offers received highlighting the demand for prime multi-let industrial investments. The sale price exceeded the original asking price by 32% securing a fantastic result for Pears Property.’