FHP have completed the sale of four income producing industrial units in the centre of Melton Mowbray to Kindale Limited, who were represented by Toby Yates of Yates Real Estate Ltd.
The industrial units, totalling 27,024 sq ft and let to a Signage Company, a Drama and Dance group and a Motorcycle Retailer and Repair Shop, were owned by Lidl who had acquired the property for possible expansion of their adjacent store some years ago.
David Hargreaves, who acted for Lidl in the marketing and subsequent sale, said: “The 4 units provide 27,000 sq ft of accommodation and currently deliver an income of just £51,000 per annum. Two of the leases have expired with the tenant wanting a new lease and therefore there is scope to grow the income to £100,000+ per annum.
“Industrial investments are in great demand and, as expected, we had strong interest resulting in a sale following ‘Best Bids’ to Bedfordshire based Kindale Limited at just over £1 million, showing an initial yield of circa 4.70% and a reversionary yield of circa 9.00%.”
Kindale is a privately owned property company that specialise in acquiring hands-on asset management type properties with opportunities to add value, and so this parade of industrial units was ideal.
Toby Yates of Yates Real Estate acted for Kindale with David Hargreaves of FHP acting for the vendor, Lidl.
