The depot on Vicarage Farm Road, Peterborough has been sold to a private pension trust, represented by Banks Long & Co, for a figure in excess of £900,000, representing a net initial yield of circa 6.67 per cent.
The site was sold with an existing lease and remains occupied by Cadent Gas Ltd - formerly National Grid Gas Distribution Ltd – where it has been based for over 40 years.
Commenting on the successful sale, Victoria Mann, Asset Manager, Chancerygate, said, “The site formed a residual section of a larger site we acquired fronting Padholme Road. It was considered to be surplus to ongoing requirements and we are delighted with the outcome of the marketing campaign.”
Steve Hawkins, Managing Director, Barker Storey Matthews said, “Appetite for property investment, particularly in the industrial sector, is high but opportunities are rare. There is a shortage of good quality stock.”
“This means that when properties come to the market, especially in established commercial locations such as we have in the Peterborough area, there is strong interest from a number of parties and – as in this instance – sales are concluded relatively quickly.”