Acting on behalf of the administrators for London & Westcountry Estates Ltd, the Bristol investment team of Knight Frank has sold a portfolio of seven industrial estates in Bridgwater for £8,515,000, reflecting a net initial yield of 11.15%.
The Bridgwater portfolio, comprising 59 units totalling 195,243 sq ft, has been sold to Parabola Capital LLP & Caisson Investment Management. The portfolio consisted of 43 tenants with 95% occupancy, and produced a total income of £1,004,232 per annum.
The purchaser was advised by Hartnell Taylor Cook.
Steve Oades, partner at Knight Frank, said: “There is currently strong investor appetite for multi let industrial estates particularly those that are relatively high yielding. The Bridgwater deal was a good example of this and we received a good level of competing interest for the assets.”
