Unit 702, Centre 500, Newcastle under Lyme, ST5 0UU
Acting on behalf of St Modwen Development, Franck-Steier Price has recently concluded the sale of a modern industrial unit investment at at Centre 500, Newcastle under Lyme.
The unit forms part of the successful St Modwen development industrial/trade park scheme which runs adjacent to the A500 through Stoke on Trent.
The property comprises a mid terrace industrial unit extending to 325.3 sq.m (3,501 sq.ft).
The property is let on a 12 year lease from September 2008 to Ford Mainwaring Ltd at a passing rent of £18,375 per annum. The lease has an upward only review at Year 5. The tenant also has an option to break at Year 8, giving 6 months notice.
The purchaser was a private investor, who paid a price of £212,256 reflecting a net initial yield of 8.4%.