OMG How Cheap Ltd, Tungsten Park, Eastways Industrial Estate, Witham, CM8 3YQ
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Atlas Real Estate has recently acted for a private property company on the forward commitment of prime industrial estate at Eastways, Witham.
The property comprises three units totalling 45,000 sq.ft built by Tungsten Properties and completed in December 2021 to a very high specification.
All three units have been let to OMG How Cheap Limited for a term of 10 years with effect from December 2021 at a rent of £371,250 per annum reflecting £8.25 per sq.ft.
The property was sold for a price of £7,250,000 representing a net initial yield of 4.75% assuming usual costs of purchase.
Andrew Franck-Steier who acted on the purchase said “This is another quality development by Tungsten in a strong south east location where there are prospects for considerable rental growth”
Atlas Real Estate represented the private property company and Savills represented the developer.
