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Investment News
Acting on behalf of the retained clients, Sant Discretionary Settlement Trust. FHP have negotiated the acquisition of a freehold high quality self contained building on the well known The Point Business Park at Market Harborough. The Point Business Park, Market Harborough is a comprehensive development totalling nearly 100,000ft² located immediately east of Market Harborough Town Centre, developed over the last three years by Westleigh Developments of Enderby, Leicestershire. It consists of 45 self contained office buildings varying in size from 1,500ft² to 15,000ft² let and occupied by a variety of tenants.
The subject property is a self contained high quality building of circa 5,000ft² constructed to an enhanced tenant specification incorporating full air conditioning, double glazing and lifts. The property is let on the basis of a new 15 year lease with 5 and 10 year reviews from April 2007 subject to 5 year reviews and a tenant’s option to break at the end of the 10th term with no less than 12 months notice. The rent agreed was £71,450 per annum equating to £14.66 per ft². The purchase price agreed was £962,000 to show a yield of approximately 7% after costs.
The property is let to High Fashion (UK) Limited which is a Hong Kong dominated company with offices throughout the world. They are engaged in the design of high class fashion. The building has been completed to an extremely high specification.
FHP were pleased to introduce this to Sant Discretionary Trust and negotiate an open market transaction to shown an attractive yield of some 7%. The vendors Westleigh Developments were represented by Budworth Hardcastle of Kettering.