Acting on behalf of Ashtenne Industrial Fund Limited Partnership, Alder King has sold a single-let warehouse investment in Exeter to Thames River Capital for £2.68 million, reflecting a net initial yield of 7.93%.
The 40,485 sq ft property at 13 Trusham Road on Marsh Barton Trading Estate is let to Royal Mail Group Ltd at £225,000 per annum on a lease expiring in January 2022, subject to a tenant break option in January 2017.
Oli Stretton, investment associate at Alder King said: “The investment opportunity attracted competitive interest resulting in a sale well in excess of the quoting price due to its strong property fundamentals which underpin the investment value.”
Chris Watkins of Ashtenne Industrial Fund commented, “As part of our on-going portfolio performance review, we are delighted with the outcome of this sale which was ably handled by Alder King and greatly surpassed book value.”
