Unit 1 Gateshead Close is a 261.4 sq m (7,124 sq ft) warehouse with offices and laboratory space. With active interest from several parties when the property was marketed, Barker Storey Matthews confirmed that best and final offers were invited and the sale was agreed for an amount well in excess of the guide price of £550,000, reflecting an initial yield of sub 7 per cent.
The property was sold with in-situ occupier, Ashstead Technology Ltd whose lease was for a 10-year term commencing in 2017. The company had undertaken a programme of improvement works since occupying the building and this, together with its strength of covenant, were two of a number of reasons why Unit 1 Gateshead Close attracted a number of bids from interested parties, according to Stephen Power of Barker Storey Matthews in Huntingdon.
He commented, “The property generated strong interest from both individual investors and private property companies. Demand from investors for well let industrial units remains strong and, coupled with the recent refurbishment of the building, I anticipated a good level of interest.
“We have a significant number of enquiries from applicants seeking industrial investment opportunities of between £500,000 and £2 million in the area at the moment.”
For more information about industrial property investment opportunities, contact Stephen Power at the Huntingdon office of Barker Storey Matthews, tel 01480 451578, firstname.lastname@example.org or see bsm.uk.com.