On behalf of a private landlord, Savills has sold an industrial investment on Whittlesey Road in Peterborough to Crossacre Properties Ltd. The scheme was marketed at a guide price in excess of £1 million (6.09% net initial yield).
The 5,986 sq ft (556 sq m) unit is let in its entirety to National Tyres who has been in occupation since 1995. The independent tyre and automotive parts retailer has recently signed a new 10-year lease and generates an annual rental income of £65,000.
The unit is situated just three miles outside of Peterborough city centre and offers good transport links to the nearby A1(M).
Edward Gee, associate director in the business space team at Savills Peterborough, comments: “The National Tyres unit provided an excellent opportunity to acquire a good quality income generating asset, with a strong covenant and long term occupier in place.”
