Harcourt Trading Estate, Halesfield 13, Telford, TF7 4PL
Franck Steier Price has recently completed the sale of a multi let industrial estate investment on behalf of a property company client.
The property is located on the established Halesfield Industrial Estate south of Telford town centre.
The property comprises a 10 unit estate arranged in two terraces dating from the 1970’s. The total estate extends overall to 67,300 sqft.
The estate is let to six tenants with one unit vacant (during the sales process). The income was therefore £177,259 per annum. The WAULT was just under 5 years to expiries and 3 years to breaks. The average rent on the estate was £2.95 per sqft, the ERV was £235,425 per annum.
The property was sold to Hansteen for £2,259,000 which reflected an initial yield of 7.38% and a reversionary yield of 9.8%.