Acting on behalf of BAE Systems, property consultants Alder King have sold the freehold investment of Puriton Solar Park in Somerset to a private investor represented by FIM Services Limited for an undisclosed sum.
It is believed to be the first solar park to have been widely marketed as a traditional property investment opportunity in the UK.
Puriton Solar Park was established in 2011 on 31 acres (12 hectares) of former agricultural land. It is let to Puriton Solar Ltd on a 35 year lease (with 26 year break) at an initial rent of £75,000 per annum subject to annual RPI-linked uplifts.
Following a £14 million investment by the tenant, the Park generates circa 4MW of power from approximately 20,000 solar PV panels. It secured Feed-in Tariff accreditation in 2011, prior to the Government’s recent changes to the scheme and therefore benefits from the higher Government-backed tariff for every kWh of electricity it produces for 25 years.
Oli Stretton of Alder King says: “This unique investment opportunity attracted such strong interest that we were able to achieve a sale price well in excess of our initial guide price of £886,000. This demonstrates a tangible and growing investor appetite for this emerging sector.”
Puriton Solar Park sits adjacent to Hunstpill Energy Park, which Alder King are currently promoting on behalf of BAE Systems for a variety of energy-related uses.
