Sitel UK, Timothy’s Bridge Road, Stratford upon Avon, CV37 9NQ
Franck Steier Price has recently completed the sale of a modern warehouse unit on behalf of CBRE Global Investors.
The property is located on Timothy’s Bridge Road in Stratford upon Avon and comprises a detached modern warehouse with integral two storey offices of 25,719 sq.ft.
The property is held long leasehold from Stratford upon Avon District Council for a term of 99 years from March 1969. The ground rent is £2,000 per annum.
The property is let to Sitel UK Ltd for a term of 10 years from September 2012 at a rent of £125,000 per annum. The lease is held on full repairing and insuring terms subject to a rent review on expiry of the 5th year. The tenant has a break option on expiry of the 5th year.
The purchase price of £975,000 reflected a net initial yield of 11.93% after purchaser’s costs of 5.80%.
The purchaser, Kindale Ltd, was represented by Sampson Moore.