Industrial properties seized £ 4.5million
Two industrial units in Devon, which house a group of engineering and software design services, sold for £ 4.5million.
The two units, covering 70,000 square feet on the Pottington Trading Estate in Barnstaple, were purchased by an anonymous investor from Scotsgrove Holdings.
The Engineering and Systems Assessment (SEA) of existing tenants will remain site-based after recently agreeing to new rental terms.
The deal was made by commercial real estate specialist Bromwich Hardy.
Bromwich Hardy Founding Partner Tom Bromwich said: “Our client is delighted to have purchased a great investment opportunity at a very fair price and with an established and respected tenant in place.
“This is the latest in a series of investment deals that we have helped to close, with more to come, which shows that there is still a healthy market for well-placed properties that tick all the boxes. the right boxes.
“In this case, a reversion lease was recently entered into at SEA for an additional ten years from April 2, 2022 at £ 320,000 per annum, and we expect an initial yield of 7.51 per cent.”
JLL acted for Scotsgrove Holdings in connection with this transaction.
SEA, which was founded in 1961 and is a subsidiary of the listed company Cohort, has offices in the UK, Canada and Malaysia and employs around 300 people.