City Monument Properties has sold the freehold of the Speedy Hire unit on Gloucester’s Goodridge Trading Estate for £1.9 million, representing a net initial yield of 5.62%.
The industrial unit has been acquired by a private investor represented by Warwick Martel.
The property is let to Speedy Asset Services on a new 10 year lease agreed in March 2019 at a rent of £113,500 per annum.
Located in the established commercial area of Quedgeley, the 18,923 sq ft property occupies a site area of 1.95 acres, giving a very low site cover of 22%. The single storey detached unit includes integral offices, five roller doors and a large surfaced yard to the front and side of the building.
City Monument Properties was advised by Alder King. Lucy Costain, associate in Alder King’s investment team, said: “Demand for good quality investment opportunities across the South West remains high, with activity only constrained by the limited number of opportunities coming to market.
“This disposal was timed to capitalise on the particular demand for industrial assets with long-term income potential, and with the benefit of a new 10 year lease agreed in March, we were able to dispose of this low-density property for a price in excess of the guide price.”