Posted on February 18, 2021.
Top Sales Deal in the region delivered by Franck-Steier Price Ltd (FSP)
Franck-Steier Price Ltd (FSP) are proud to announce that Ben Blackwall, Director has been awarded the Top Sales Deal by Co-Star, for the fourth quarter in 2020.
Despite the tough market conditions in 2020, Franck-Steier Price Ltd (FSP) delivered strong results with 35 deals secured across the year. The sale of the 121 acre car storage facility in Corby, let to BCA, on behalf of LXI REIT was recognised as the Top Sales Deal in the East Midlands.
Franck-Steier Price Ltd (FSP) acquired the property for LXI REIT in 2018 and subsequently re-geared the lease in 2020 to extend the term from 16 years unexpired to a new 25 year lease.
In November 2020, the property was sold for £67,650,000 which reflects a net initial yield of 4.49%. The purchaser was DTZ Investors, represented by M1 Agency.
Ben Blackwall, Director at Franck-Steier Price Ltd (FSP) comments ‘I am delighted to win the Top Sales Deals Award for this sale. It was an exceptional result for the client following on from executing the re-gear with BCA earlier in the year. The sale highlights the institutional demand for long let, well located real estate which in this case was under pinned by industrial land values.’
Please contact Ben Blackwall or any other member of the team if you require any further information.