Units 1-7 Kingshold, Malmesbury Road, Kingsditch Trading Estate, Cheltenham, GL51 9PL
Franck-Steier Price has recently sold a terrace of seven industrial units for Kindale Limited.
The property comprises a terrace of seven industrial units constructed in the 1980s. All the units have been recently re-roofed. The units are located on Kingsditch Trading Estate in close proximity to Kingsditch Trade Park.
The estate was fully let following Kindale’s purchase of the property from Axa in January 2011. Kindale agreed a letting on two vacant units on the basis of a 10 year lease at £42,500 per annum. Kindale also re-geared Units 1 and 2 on a new 10 year lease at £46,465 per annum. This increased the total income to £158,655 per annum.
The property sold for £1,735,000 representing a net initial yield of 8.64% assuming usual costs of purchase of 5.80%.
Knight Frank represented the purchaser, CBRE Investors.