Property overview

Unit B, Swift Park, Rugby

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£2,705,000
Jan 2008

Franck-Steier Price LLP has recently concluded the acquisition of this modern distribution warehouse investment on behalf of IM Properties.

The property located on Swift Park, comprises a unit totalling 4,198.29sq.m  (45,189 sq.ft) and is let to H&K Equipment Limited for a term of 25 years from 25 March 1990 at passing rent of £214,210 per annum (£4.75 per sq.ft).

The purchase price was £2,705,000 representing a net initial yield of 7.49%.  Commenting on the transaction, Andrew Franck-Steier of FSP said “This investment was on the market for some considerable time and having been under offer previously at 6.25% IM Properties monitored the situation and were subsequently able to offer the vendor certainty”.

Atis Real represented the vendor F&C Property Asset Management

Franck-Steier Price represented the purchaser IM Properties