Franck-Steier Price has recently completed the disposal of 4 units on the established industrial estate of Swingbridge Trading Estate, Loughborough on behalf of Catalyst Capital.
The property comprises 4 semi-detatched trade counter units totalling 54,371 sq.ft and let to Howdens, SIG, Eurocell and Vertigo Interiors on leases expiring in between 3 and 7 years.
The tenants have all been in occupation of the units for a number of years and all form part of their retail trade counter networks.
The current passing rent is £257,000 per annum which is considered to be reversionary in the current market. With average rents reflecting around £4.50 per sq ft against market rents north of £5.00 per sq ft.
The property was acquired by Craigard for a price of £3,275,000 which represents a net initial yield of 7.00% after usual purchasers’ costs.
The purchaser was represented by DTRE.