ANOTHER SUCCESSFUL SALE ON BEHALF OF BLUEPRINT

Investment News

Acting on behalf of Blueprint, FHP Property Consultants and Innes England are pleased to announce the sale of Oakham Business Park, Hamilton Way, Mansfield.

Oakham Business Park, Mansfield is a well-established office and industrial location with direct access to MARR, with Junction 28 of the M1 Motorway within a 10 minutes’ drive away.

The property is a substantial industrial investment, consisting of three freestanding, self-contained units and two units with a shared yard.  These units were constructed a number of years ago with a high specification by English Estates.   The location has improved in recent years with the construction of access to Junction 28.

The properties are let to Glenair, Sangenic International (two units), HCP Services Ltd and BPR Medical.

The properties are let on a variety of leases expiring between 2017 and 2022 and produce a combined rental of £218,300 per annum.   Although the properties are let on separate leases the rents range from £4.10 to £4.43.

The strength of the location and the desirability of the units is emphasised by the fact that unit 1, let to Glenair, was let virtually immediately upon the previous tenant exercising their break clause to vacate.  A new 10 year lease was granted at a rent of £66,500 per annum (£4.43 per ft²) underlying the existing rentals passing under the terms of the leases.

The quoting price was £2,250,000 to show an initial yield of 9.18% after costs.  The purchase price agreed was close to this figure.

FHP Property Consultants and Innes England acted on behalf of Blueprint in connection with this sale.  The purchasers are a Private Pension Fund and were represented by Stephen Werner of Peter Clarke and Company LLP of Leamington Spa, Warwickshire.

END

Noel D. Roper                           

Date:  08/03/2013

Tel: 0115 8411132/Email: noel@fhp.co.uk