The Capital Markets team of property consultancy Knight Frank has brokered the sale of the Faraday Mill Trade and Business Park in Plymouth for over £12 million.
It sold the freehold of the city centre industrial estate on behalf of Parabola Land to Westcore for £12,165,000 in a transaction representing a Net Initial Yield (NIY) of 8.16%.
The multi-let estate comprises 70 industrial units totalling 192,169 sq ft and is prominently positioned adjacent to Salmon Retail Park in Plymouth city centre. It attracts annual rents of just over £1 million.
With unit sizes ranging from 600 sq ft to 20,400 sq ft the park has been home to some of Plymouth’s best known businesses
Steve Oades, head of Knight Frank’s Capital Markets team in Bristol, said: “Parabola acquired Faraday Mill in 2014 and spent over £1 million refurbishing the estate and completing lettings. Faraday now produces an income of over £1 million per annum and is well placed for the new owners to take the estate forwards.”
