A private investment client of dohertybaines has sold a state-of-the-art production and distribution facility in Huntingdon, Cambridgeshire to Aberdeen Property Investors.
Unit C, The Interchange Industrial Estate, located on Latham Road in Huntingdon, was purchased for £4.1 million (approx. 4.8 million), reflecting a net initial yield of 6.5%.
The approx. 4,500-m² unit is currently let to leading specialist meat-packing business, the Hilton Food Group. The company has 22 years remaining on its lease (12 to the break clause), which includes fixed annual rental increases.
Rob Nelson, Partner at dohertybaines, said: "The property is a modern, high quality unit let to a strong tenant which, combined with guaranteed rental growth provided by annual uplifts, will offer long-term secure income for the purchaser. The price achieved was above expectations and reflected the lack of quality product in that sector on the market at that time."
DTZ advised Aberdeen Property Investors
Source: MJ2 Limited