Castlewood Court on Castlewood Business Park, South Normanton is a speculative development of three industrial units by Clowes Developments.
Unit 11a comprising 24,304 sqft has been pre-let to CST Industries Ltd and TDBRE have acted for a private property company to acquire the investment on a forward commitment basis.
The lease term is 15 years with rent reviews linked to CPI (capped and collared) every 5 years.
The total price paid will be £2,700,000 showing a net initial yield of 5.73%.
Mark Brown at TDBRE commented; “We are delighted to have acquired this sought after industrial investment for a private client. Castlewood Business Park is just off J28 of the M1 and has been a huge success for Clowes, the pre-let to CST Industries being just the latest example. We advised our client to buy this because of the strong location, new and well specified building with full warranty package, quality developer and tenant, long lease, fair rent and excellent rent review provisions. We believe the industrial and logistics sector has held up very well during lockdown and that industrial yields on prime properties are set to remain robust”.
For further details on this investment contact Mark Brown (01604 604020)