Smiths Metal Centres, Pegasus Drive, Stratton Business Park, Biggleswade, SG18 8QB
Franck-Steier Price has recently completed the sale of a distribution unit in Biggleswade on behalf of The Charities Property Fund, c/o Savills Investment Management.
The property is located on Stratton Business Park adjacent to the A1 and the London Road Retail Park. The property comprises a 1990s built distribution unit of 78,276 sq.ft with 5.7 metre eaves.
The property is let to Smiths Metal Centres on a lease expiring on 20 April 2025. The lease is subject to an upward only rent review on 20 April 2020 and a tenant break, subject to 6 months notice. The current rent is £397,000 per annum (£5.07per sq.ft).
The purchase price of £5,000,000 reflected a net initial yield of 7.45%.
The purchaser was Aberdeen UK Property Fund, who own the adjacent London Road Retail Park, represented by Sheridan Property Consultants.