Prospect House, Silverdale Park, Silverdale, Newcastle under Lyme, ST5 6PA
Franck Steier Price has recently completed the sale of an office/industrial hybrid property investment on Silverdale Business Park, Newcastle under Lyme.
The property comprised two identical linked buildings with two storey offices to the front and industrial accommodation at the rear. The accommodation extended to 21,231 sqft in total with 13,305 sqft being ground and 1st floor offices.
The property was let to Sumitomo Electric Wiring Systems (Europe) Ltd on a renewed 5 year lease from 25 March 2016. The FRI lease was subject to a Schedule of Condition. The passing rent was £110,000 per annum which reflected an overall £5.18 per sqft.
The investment sold for £1,250,000 which reflected a net initial yield of 8.32%.