PAI Members Barker Storey Matthews have acquired Fengate Point, a 27,000 sq ft detached warehouse building on behalf of private clients.

 

The building, located on Fengate in the city’s Eastern Employment Area, is let to Brewers Select, a wholly owned subsidiary of Bairds Malt, for a term to December 2022 at a headline rent of £102,340.  The investment was acquired for a price reflecting a net initial yield of 8.13%.  Steve Hawkins, Director of Barker Storey Matthews comments “the building is well let and the capital value at below £44 per sq ft before costs represents excellent value accounting for current vacant possession pricing”.