Units 1-7 Kingshold, Malmesbury Road, Kingsditch Trade Park, Cheltenham, GL51 9PLMake an enquiry
Franck-Steier Price Ltd (FSP) has recently purchased a terrace of seven industrial units for Kindale Limited.
The property comprises a terrace of seven industrial units constructed in the 1980s. All the units have been recently re-roofed. The units are located on Kingsditch Trading Estate in close proximity to Kingsditch Trade Park.
Five of the units are currently let producing a total income of £120,800 per annum. Since purchasing the property Kindale have agreed a letting on the two vacant units on the basis of a 10 year lease at £42,500 per annum. Kindale have also re-geared Units 1 and 2 on a new 10 year lease at £46,465 per annum. On completion of the letting and re-gear the total income will be £158,655 per annum.
The purchase price of £1,400,000 represents a net initial yield of 8.16% assuming usual costs of purchase of 5.80%. The capital value is £45.19 per sq.ft and when the letting of the vacant units and re-gear of Units 1 and 2 complete the yield will revert to 10.72%.
John Ryde Commercial represented the vendor Axa