Property overview

MKM Building Supplies, Stephenson Road, North Hykeham, Lincoln, LN6 3QU

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£2,325,000
Sep 2015

Franck-Steier Price has recently completed the acquisition of a builders’ merchants/trade investment on behalf of Custodian REIT.

The 2007 built unit comprised 19,298 sqft of trade counter, warehouse and mezzanine on a 2 acre site. The site cover was only 16.5%. 

The unit was let on a new 15 year lease to MKM Building Supplies Ltd from June 2007.  The topped up passing rent was £192,012 per annum.

The property was purchased for £2,325,000 which represents a net initial yield of 7.8%, assuming full costs of purchase of 5.8%. 

Tim Harries & Partners acted for the vendor.