Units 1-3B Thorpe View, Thorpe View, Banbury, OX16 4SP
Franck Steier Price has recently completed the sale of a multi let industrial investment on behalf of CBRE Global Investors.
The industrial scheme was located on an established industrial estate just to the east of Banbury town centre and close to J11 of the M40. The four units extended to a total of 27,647 sqft.
The property was let to two tenants, Uniteck Oxon and Tibbetts Group. Leases had expiries in 2018 and 2020, with one tenant having a break option in 2018. The current combined passing rent was £132,500 per annum (an average of £4.79 per sqft).
The investment sold for £1,680,000 which reflected a net initial yield of 7.45% after purchaser’s costs of 5.80%.
The property was purchased by IO Investments who were represented by Collingwood Rigby.