Stuart Properties, advised by the Exeter office of Alder King, has acquired the freehold of a multi-let business and distribution park at Wrangaton, near Ivybridge in South Devon from the administrators of London and Westcountry Estates.
Anna Mill, originally built by the MOD as naval stores, sits on an 11.4 acre site alongside the A38 Devon Expressway, set against a stunning moorland backdrop and provides 156,000 sq ft of terraced business units ranging from 750 sq ft to 40,000 sq ft.
Vacant units are available on flexible leases with rents from £2.50 per sq ft offering good quality accommodation with good natural light and ample on-site car parking and external storage. Requirements up to 40,000 sq ft can be satisfied in a single building. Alder King and Noon Roberts are joint agents on the scheme.
The site also includes an area of development land. A 3.5 acre plot on the north east boundary is available for development on either leasehold or freehold basis.
Noel Stevens, partner at Alder King, said: “This site represents a very good value addition to our client’s property portfolio in the South West. We expect to attract tenants looking for good quality but low cost premises which have access to both Exeter and Plymouth markets.”
Alder King has worked closely with Terry Murch, director of Stuart Properties. Terry was formerly the Managing Director of Midas Commercial Developments. Terry said: “This is our first acquisition since taking up my new role at Stuart Properties in August and comes at a very encouraging point in the country’s economic recovery.
“We are intending to upgrade and improve the estate and the surrounds. We are confident that through Alder King and Noon Roberts we can increase occupancy of the existing units.”
Stuart Properties acquired the freehold of Anna Mill for an undisclosed sum from the administrators of London & West Country Estates, which was represented by Vickery Holman.
