Granby Industrial and Trade Park, Peverel Drive, Milton Keynes, MK1 1NL
Atlas Real Estate has recently completed the sale of this modern industrial and trade park investment located in Milton Keynes. The park was constructed in 1979 and comprises a mix of refurbished industrial / trade counter in 24 units.
Unit sizes range from 1,561 sq.ft to 27,931 sq.ft with accommodation totalling 146,980 sq.ft. The property is let to 16 tenants on 18 leases with 4 vacant units. The total rent passing is £740,696 per annum with a WAULT to break of 5.5 years and WAULT to expiry of 5.6 years.
The sale price was £17,450,000 which reflects a net initial yield of c4.00% off the current income and 5.7% based on vendors guarantees on 4 vacant units.
Andrew Franck-Steier who acted for the vendor Threadneedle comments that we were delighted to achieve such a high price and conclude the sale within 9 working days. The price is considerably in excess of valuation and given the void period and ongoing capital expenditure requirements a great result.
The purchaser, Warehouse REIT was represented by Savills, London.