Property overview

Units 3a, 3b, 3c, 4a and 4b/c Isabella Court, Concord Way, Millenium Business Park, Mansfield, NG19 7JZ

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Nov 2010

Franck-Steier Price Ltd (FSP) has recently purchased two modern industrial terraces on behalf of Royal Ordinance Pension Fund (managed by CBRE Investors).

The property comprises two terraces totalling 5 modern industrial units built in 2006. The units are located on a modern industrial estate to the north west of Mansfield town centre. The units total 32,165 sq.ft.

Four of the units are currently let producing a total income of £136,415 per annum. On completion terms were agreed for the letting of the final unit for a 5 year lease at £14,715 per annum which when completed will take the total income to £151,130 per annum

The purchase price of £1,400,000 represents a net initial yield of 9.21% assuming usual costs of purchase of 5.7625%. The capital value is £43.50 per sq.ft and when the letting of the vacant unit completes the yield will revert to 10.21%.

FHP represented the vendors Joint Receivers Richard A Saville, Peter A Blair and W John Kelly.