The freehold of substantial industrial warehouse premises on Eastern Way in Bury St Edmunds has been sold to a private investor through the Bury St Edmunds office of agent Barker Storey Matthews who acted for the vendor in the multi-million pound transaction.
With a long term occupier whose lease was renewed last year (2017), the 62,107 sq ft (5,769.89 sq m) Ibson House on Eastern Way – one of the town’s established commercial locations – the warehouse property offered a substantial industrial investment.
Ibson House, 74 Eastern Way was marketed for sale at a guide price of £2.75 million. The final sale price achieved remains commercially confidential as does the identity of the new owner of the freehold, advises the agent.
Reflecting a net initial yield on investment of 8.6 per cent, Steven Mudd of Barker Storey Matthews’ Bury St Edmunds office believes this latest sale illustrates the strength of investors’ interest in the commercial property market and, in particular, the industrial sector.
He says, “With ongoing low interest rates, there are well-financed private investors seeking freehold opportunities but there is a relative lack of supply to demand.
“Prevailing market conditions, the prominent location, as well as the presence of a single, established occupier on a recently renewed lease, meant that Ibson House wasn’t on the market for long before attracting a buyer for the freehold.”
