Acting on behalf of AE Securities Ltd, Colliers International has acquired the freehold of Unit B, Access 18 West, Third Way, Avonmouth, for £2.9 million, reflecting a net initial yield of 5.48 per cent.
The 27,442 sq ft warehouse is let to let to CCF Ltd, a wholly-owned subsidiary of Travis Perkins, on a 25 year lease from July 2003 and is producing a rent of £169,000 per annum, reflecting £6.19 per sq ft.
Richard Coombs, director in the National Capital Markets team in the Bristol office of Colliers International, said: “This purchase illustrates the increasing attraction of industrial property as an investment asset where strong rental growth is anticipated. This unit has the benefits of being in a core industrial location in Avonmouth, with a long unexpired leasehold term and a secure covenant.”
The vendor was a private client of Cluttons Capital Partners.
