Bibby Scientific, Beacon Road, Stone, ST15 0SAMake an enquiry
Franck-Steier Price has recently completed the acquisition of a modern distribution warehouse on Stone Business Park on behalf of Helical Bar plc.
The unit comprises a modern high bay manufacturing and distribution unit totalling 122,300 sq.ft on a site of 7.76 acres representing a site density of 33% . The unit has been substantially refurbished by the tenant and the sale was carried out by way of a sale and leaseback.
The property is let to Bibby Scientific for a term of 10 years from June 2015 subject to a tenant only break option on expiry of the 7th year. The passing rent is £593,160 per annum (£4.85 per sq.ft).
The property was purchased off market for a price of £7,237,000 which represents a net initial yield of 7.75%, assuming full costs of purchase of 5.8%.
Franck-Steier Price acted on behalf of Helical Bar and Andrew Franck-Steier commenting on the deal said “This acquisition comprises a good modern unit in a strong Midlands location, let to a major local employer and it is a key hub for the business. We were able to conclude the transaction for this important client on an off market basis which will now sit within a growing industrial portfolio.”