The freehold interest in 117 Bushey Mill Lane, Watford has been sold for £2,850,000 by Wallop Estates, representing a net initial yield of 8.53%.
The property dates in the main from early to mid-1970’s construction, whilst a small part dates from the 1930’s.
The property provides a gross internal area of 24,327 sq ft and is let in its entirety to McNicholas Construction (Holdings) Ltd for a further 3.25 years at a rent of £256,977 pa.
The property has planning permission for the demolition of the existing buildings and erection of new units B1, B2 and B8 with service yard and car parking totalling approximately 27,000 sq ft.
The property was acquired by JPR Group, a UK based Property Company. Nightingale Partners acted for Wallop Estates for whom it acquired the property originally in 2009. The purchaser was represented by Campbell Beaton Associates.
