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Investment News
FHP is pleased to announce the completion of the purchase of the Agrovista unit on Northern Road Industrial Estate, Newark.
The property comprises a self-contained warehouse building occupied by Agrovista for in excess of 20 years. The building totals 8,835ft² on a site of some 0.878 acre and has site coverage of 22.75%.
The property is let to a very strong covenant of Agrovista for a term of 6 years from December 2013, expiring in December 2019 and with a break clause in 2016.
The price paid after a competitive bidding situation was £351,255, which shows an initial yield of 9.48% net of costs, at a rent of £35,000 per annum.
Noel Roper of FHP who acted on behalf of the purchasers throughout commented:-
“We were particularly attracted to this warehouse investment because of the low site coverage and the capability of extending the property should the tenant exercise their break clause or not renew the lease. The site was capable of accommodating another 7,500ft² or thereabouts and furthermore the purchase price was underpinned by the vacant possession value of not less than £375,000. Consequently a purchaser had a number of options available to them should the tenant decide to vacate.
The purchaser, who was a private individual, was advised by FHP throughout.