Howdens Joinery, Delta Court, Merlin Way, Quarry Hill Industrial Estate, Ilkeston, DE7 4RA
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Atlas Real Estate has recently completed the acquisition of modern trade counter investment let to Howdens Joinery for Wulstan Capital.
The property is located on the Quarry Hill Industrial Estate in Ilkeston and comprises three modern industrial units extending to 11,623 sq.ft..
The property is let to Howdens Joinery Properties Ltd, guaranteed by Howdens Joinery Ltd, for a term of 15 years from 22 June 2015. The commencing rent is £60,800 per annum. The lease is held on full repairing and insuring terms subject to 5 yearly upward only rent reviews to open market value.
The property was purchased for £930,000 which represents a net initial yield of 6.18%, assuming full costs of purchase of 5.8%.
The vendor was Framcourt Developments Ltd represented by GVA.
