Hanson Quarry Products, Great Western Business Park, Worcester, WR4 9AB
Acting on behalf of St Modwen, Franck-Steier Price has concluded the sale of a long term RPI investment secured to Hanson Quarry Products.
The 1.3 acre site is let to Hanson Quarry Products Europe on a 20 year lease from November 2013. There is a tenant/landlord mutual break at the expiry of the 10th year. The initial rent is £22,500 per annum and is reviewable annually to RPI.
The appeal of a blue chip covenant and annually RPI reviews produced a huge amount of interest in the investment with FSP receiving over 20 formal bids for the investment
The purchaser was a private property company, who paid a price of £365,000, reflecting a net initial yield of 5.88%. Shortland Penn & Moore acted for the purchaser.