MKM Building Supplies, Stephenson Road, North Hykeham, Lincoln, LN6 3QU
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£2,325,000
Sep 2019
Acquisition of a builders’ merchants/trade investment on behalf of Custodian REIT.
The 2007 built unit comprised 19,298 sqft of trade counter, warehouse and mezzanine on a 2 acre site. The site cover was only 16.5%.
The unit was let on a new 15 year lease to MKM Building Supplies Ltd from June 2007. The topped up passing rent was £192,012 per annum.
The property was purchased for £2,325,000 which represents a net initial yield of 7.8%, assuming full costs of purchase of 5.8%.
Tim Harries & Partners acted for the vendor.
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