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£3.9m warehouse sale confirms city's lure to investors
A WAREHOUSE has been bought for almost £4 million by investors eager to snap up high-yield industrial investments across the UK.
Investment specialist Harris Lamb was instructed to sell the 40,000 sq ft industrial opportunity at Wolverton Mill on behalf of a private, unidentified investor.
The buyer purchased the Featherstone Road site (pictured) for £3.9 million, representing a 7.59% yield.
The site is occupied by global engineering and logistics firm CTDI Limited.
Alex Eagleton, of Harris Lamb’s Investment team, said: “We are particularly pleased with the outcome of this investment as the sale price significantly exceeded the guide price, and represented a lower yield than initially forecast.
“The opportunity attracted a great deal of interest from potential investors. There has been a marked spike in demand for single-let and multi-let industrial opportunities outside of London in recent months, and, as in this case, private investors are keen to enhance their portfolios with sites occupied by secure, stable tenants.”
The opportunity was particularly attractive to potential buyers as CTDI, the sole tenant, committed to a ten-year lease in September last year.
“It assured the successful bidder a long-term, secure income from an established source,” said Mr Eagleton.
Alex said that as a region, Milton Keynes enjoyed high interest levels from investors by way of the fact that many logistics firms choose it as a base for both regional and national operations. “All of which further cements the area as an attractive location to secure investments,” he added.
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