The Stover Trading Estate in Yate, north Bristol, has been sold for £21,850,000.
The industrial estate was sold by LaSalle to Royal London Asset Management in a deal reflecting a net initial yield of 6.66%. Knight Frank and Cushman & Wakefield in Bristol represented LaSalle, while Clay Street advised the purchaser.
Stover Trading Estate comprises 25 units totalling 275,875 sq ft and producing an income of £1,552,759 per annum. Tenants include Howdens, Jewson, Plumb Centre and Screwfix.
James Orr, Head of Industrial and senior fund manager at Royal London Asset Management, said: “We are delighted to acquire a good quality asset in an area where we see significant rental growth prospects, enabling the Fund to continue to invest monies into a very competitive industrial and logistics sector.”
