Commercial property with quality tenants is still attractive to investors according to the investment department of Vickery Holman, who have completed the sale of a tyre and exhaust centre Billacombe Road, Plymstock.
The unit is let to Goodyear tyres at a current rent of £84,000 per annum exclusive, on a full repairing and insuring lease.
Sold on behalf of clients McAleer & Rushe for £750,000 to a private investor which shows a net initial return of 10.55% allowing for normal purchasers’ costs.
The unit was recently sublet to ETB Worcester Ltd who have undertaken a refurbishment of the depot. Vickery Holman Director Mike Oldrieve comments “ETB have completed a great job on refurbishing the unit and in a prominent roadside location with a head lease to Goodyear Tyres proved, to be attractive in the current market. There has been a definite increase in volume of commercial property investment sales as investors recognize the high level of returns that can be achieved from quality income. I would certainly be very happy having more instructions such as this”
