A development of four industrial units in Bedfordshire has been sold to a London-based property group, commercial property consultancy Kirkby Diamond has announced.
Pears Property Advisors acquired the investment of a terrace of units on a 0.79-acre site at Tyne Road, Sandy, in a deal in excess of the £1.7 million guide price.
The four units extend to over 12,000 sq ft of industrial/warehouse space, plus a 4,800 sq ft yard for parking and storage. Occupiers include Home Plastics, BED (Corby), JAMM Group and a private personal training gym.
Eamon Kennedy, partner and head of commercial agency at Kirkby Diamond, acted on behalf of private Canadian investor vehicle Forgold, working with Paul Quy in the Kirkby Diamond industrial team.
He said: “It is always a pleasure to work alongside Pears Property Advisors and we were delighted to achieve above the quoting price for this excellent investment. The units are all let on separate leases achieving an attractive net initial yield of 5.2%.”
Ian Kewn, of Forgold, said: “Working with Eamon and his team made the outcome of my sale way better than I could have imagined, from the initial call to discuss the possible sale, to the completion day. It was managed very professionally and promptly. It is obvious that Kirkby Diamonds are experts at their job.”
Michael Genis, of Pears Property Advisors, said: “We are pleased to have acquired this well located and fully let investment, in a market characterised by strong supply/demand dynamics.”
Operating from its base in central London, Pears Property Advisors has advised in relation to over £1 billion of transactions. As investment advisors, it is responsible for sourcing and realising real estate opportunities that align to their clients’ investment strategy.
