The Huntingdon office of Barker Storey Matthews (now part of Eddisons) has acted for Wisbech-based SB Components in the sale and leaseback of one of the company’s industrial premises in the town in a deal which saw Carter Jonas act for the new owner.
SB Components is one of the UK’s leading suppliers of bespoke components for commercial vehicles and its 41,100 sq ft premises on Algores Way is opposite the new Fleet Centre which the company occupied on its completion last year (2019).
The premises are occupied by SB Components’ sister company, Priden Engineering – who deliver bespoke engineering solutions to the animal feed sector, from 32 tonne aluminium body fitments to full trailer build units – and had undergone major refurbishment prior to the sale.
James Warren, the Group’s Managing Director, commented, “We are delighted to have secured the sale which will assist the continued growth of Priden Engineering and our sister companies throughout the next decade and beyond.”
While the property was sold for an undisclosed sum to an institutional investor, Barker Storey Matthews confirmed that the leaseback terms reflect a sub seven per cent yield.
Alan Matthews of Barker Storey Matthews, who represented SB Components, said, “This is the second investment property transaction in which we have acted for our client in the past twelve months.
“The strength of its covenant and guaranteed long lease were pivotal to the success of the sale. The structure of this latest deal will enable our client’s continued business growth and is a testament to ongoing investor interest in industrial property opportunities in this region.”
William Rooke, Partner at Carter Jonas, added, “Our team have worked hard and in close partnership to secure an excellent premises for our client at a competitive price. Cambridgeshire remains a success story, with growth continuing to outperform the national average.
“This has kept the local industrial property market resilient in the face of political and economic uncertainty.
“Our client understood the local area’s potential, with a high exposure to the knowledge-based sectors, including hi-tech. This transaction will now help a burgeoning local company continue on its growth trajectory, which will only benefit the local area.”
