Brackmills Trade Park, Caswell Road, Northampton, NN4 7PW
Franck-Steier Price has recently completed the sale of this prime trade park investment at Brackmills, Northampton on behalf of M&G Real Estate.
The property comprises a modern trade park completed in 2017 totalling 66,317 sq.ft. Tenants on the estate include Greggs, Screwfix, Howden Joinery, Topps Tiles and Belgrade Insulations.
The passing rental at the time of sale was £633,110 per annum with a WAULT to break of 7 years and WAULT to expiry of 10 years.
The purchase price was £15,580,000 which reflects a net initial yield of 3.81%.
Andrew Franck-Steier who acted for the vendor M&G comments: “we were delighted to achieve a sale in a short timeframe at a very strong price. The underlying property fundamentals of the the asset are strong and despite a very short marketing period to a select number of parties, the price achieved is considerably in excess of valuation.”
The purchaser, Mayfair Capital was represented by Ed Gamble of ACRE Capital Real Estate