Prime Trade Park Development Funding, Tungsten Business Park, Caswell Road, Brackmills, Northampton
Franck-Steier Price has recently completed the forward funding of the above part pre-let prime trade park development on behalf of Tungsten Developments.
The property will comprise a modern trade park development of 14 units totalling approximately 66,700 sq.ft on a self contained prominent site at the junction of Caswell Road and Gowerton Road on Brackmills Industrial Estate.
Tenants lined up to take units on the scheme on practical completion include Greggs, HSS Hire, Screwfix, and Subway. Full development funding for the scheme has been provided by M&G Real Estate on the basis of a yield of 5.75% on any units pre-let prior to practical completion and 6.35% on any void at that date with an estimated purchase price on completion of £9,700,000.
Andrew Franck-Steier who acted for the developer, Tungsten Developments comments ‘The deal price reflects the high quality location and tenant line up that Tungsten have been able to deliver. It will provide both trade units and food outlets in the most established industrial and office location in Northampton.’
M & G Real Estate was represented by Bidwells.