Acting on behalf of CBRE Global Investors, Hartnell Taylor Cook has sold a fully-let industrial estate in Cheltenham to Dunmoore, the UK real estate investment and development company, for £7.45 million, reflecting a net initial yield of 4.52 per cent.
Bamfurlong Industrial Park is close to junction 11 of the M5, west of Cheltenham town centre, and provides 28 units, totalling 201,936 sq ft.
Ian Lambert, investment partner of Hartnell Taylor Cook said: “This was the most keenly sought property I have ever been involved with, with over 30 bids from a range of property companies, high net worth individuals, family trusts, college funds and Local Authorities, it shows the depth of the market for genuine value add opportunities.”
Jeff Hobby, managing director and owner of Dunmoore, said: “Bamfurlong is located in an area with good supply-demand characteristics. The amount of available industrial space in Cheltenham is at its lowest level for a decade, while demand for space from local businesses is strong.
“The mixture of short and long leases on the estate presents us with opportunities to add value through a programme of asset management”
CBRE Global Investors were represented by Hartnell Taylor Cook, Dunmoore was represented by Chris Freer Smith.