6 The Way, Grove Park, Leicester, LE191SU
Franck-Steier Price has recently completed the sale of a modern business park office investment on the established Grove Park Business Park in Leicester.
The property comprises a modern semi-detached two storey office building totalling 3,717 sq.ft in a landscaped environment.
The building is let to Summers Inman Construction and Property Consultants LLP for a term of 10 years with effect from 14 August 2009.
The passing rent is £50,750 per annum (£13.65 per sq.ft).
The purchase price of £660,000 reflects a net initial yield of 7.31%, assuming purchaser’s costs of 5.26%.
Commenting on the deal, Andrew Franck-Steier said ‘Given the short unexpired lease term, the yield of 7.31% is strong but demonstrates the demand for small lot sizes in the current market.’
The purchaser was Hammond Grange, represented by Andrew & Ashwell.