Link House, Halesfield 6, Telford, TF7 4LN
FSP has completed the off-market sale of a manufacturing warehouse in Telford on behalf of Vengrove Real Estate Investment Management.
The property is located in a prominent location on Halesfield Industrial Estate and comprises a detached manufacturing warehouse extending to 134,012 sq.ft on a site of 5.92 acres.
The property is let to Whittan Industrial Ltd on a full repairing and insuring lease expiring in July 2027. The current rent is £664,788 per annum rising to £770,672 per annum in July 2022.
The property was sold for £6,560,000 which reflects a net initial yield of 9.50%.
The property was sold to Paloma Capital.
Ben Blackwall, Director at FSP ‘ The sale of this property represents an excellent return for Vengrove having acquired the property in 2017 and highlights the depth of demand for the industrial sector.’