Savills, on behalf of Padley, has acquired the freehold investment of Units 1, 2 and 3 Vicarage Farm Road in Peterborough, securing a net yield of 7.57%, after acquisition costs.
The property has a site area of circa 1.18 acres (0.44 ha) and comprises three industrial warehouse units totalling 13,248 sq ft (1,231 sq m), which are currently let to Avid Autos, Barrand Holdings and Vicarage Car Care.
Edward Gee, associate director in the business space team at Savills Peterborough, comments: “The units on Vicarage Farm Road provided the purchaser with an excellent opportunity to acquire a property with strong rental income and future asset management potential. Industrial space remains highly sought after by investors and we were very pleased to be able to help our client add this to their portfolio.”
Richard Padley, Commercial Manager at Padley, comments: “Vicarage Farm Road was a great opportunity for us to increase our commercial property portfolio and we are delighted to have secured the deal, especially in the competitive investment market. We are keen to expand our property business and this site was the perfect fit for us.”
The seller was represented by Richardson’s Surveyors in Stamford.
