Property overview

Franck-Steier Price Ltd (FSP) have recently completed the aquisition of two new semi detached business park office buildings on Middle Bridge Business Park, Portishead.  The offices were both let to Avon and Somerset Police Authority on 25 year terms.

The units extended to a total of 4,557 sq.ft and were let off a rent equating to just under £15 per sq.ft.  The leases were held on full repairing and insuring terms subject to five yearly upward only reviews and a tenant break option in the tenth year.

The purchase price of £825,000 reflected a net initial yield of 7.74%.  The property was purchased for a private client of Franck-Steier Price Ltd (FSP).  The vendor, Gladman, were represented by CBRE.

This is the firm’s the third recent acquisition for their private clients.  Andrew Price, Partner said “We have been able to source good, modern and well let investments for a number of our private clients who are looking for long term secure income.  As interest rates drop, cash in the bank is offering increasingly poor returns. Being able to buy quality property income is now an attractive alternative.  We have a further two properties under offer at the present time for other private clients who are looking to invest for the long term in quality property assets”.