Granby Industrial and Trade Park, Peverel Drive, Milton Keynes, MK1 1NL
Franck-Steier Price has recently completed the sale of this modern industrial and trade park investment located in Milton Keynes. The park was constructed in 1979 and comprises a mix of refurbished industrial / trade counter in 24 units.
Unit sizes range from 1,561 sq.ft to 27,931 sq.ft with accommodation totalling 146,980 sq.ft. The property is let to 16 tenants on 18 leases with 4 vacant units. The total rent passing is £740,696 per annum with a WAULT to break of 5.5 years and WAULT to expiry of 5.6 years.
The sale price was £17,450,000 which reflects a net initial yield of c4.00% off the current income and 5.7% based on vendors guarantees on 4 vacant units.
Andrew Franck-Steier who acted for the vendor Threadneedle comments that we were delighted to achieve such a high price and conclude the sale within 9 working days. The price is considerably in excess of valuation and given the void period and ongoing capital expenditure requirements a great result.
The purchaser, Warehouse REIT was represented by Savills, London.