Units 1 & 2 Alvis Way, Royal Oak Industrial Estate, Daventry
Franck-Steier Price LLP has recently completed the freehold sale of two adjoining industrial warehouse units on behalf of an institutional client.
The property is prominently situated on the corner of Alvis Way and Royal Oak Way on the Royal Oak Industrial Estate, Daventry. The two adjoining units are of steel portal frame construction with eaves heights of 6.65m and two storey integral offices. The total floor area is 3,873.13 sq.m (41,690 sq.ft) on a site of 0.81 hectares (2.00 acres).
The property is let in its entirety on two coterminous leases to ASD Ltd for term of 5 years with effect from 2 January 2009 at a total rent of £157,000 per annum. ASD have been in occupation of the units for over 35 years and have undertaken extensive improvements to the units including the installation of 6 cranes inside the unit and a weighbridge to the front of Unit 1. They have also recently installed steel palisade fencing around the site and have renewed the electrics in both units.
The property was sold for £1,460,000 which represents a net initial yield of 10.17% assuming full costs of purchase of 5.75%. The purchaser was Lousada Plc who was represented by Andrew Dixon & Company.