Paragon Way letting
Sampson Moore have let 15 Paragon Way, Bayton Road, Exhall, Coventry to TVH UK Ltd on a 5 year term at a rent of £34,500 pa. The modern unit comprised 6,924 of ground floor space and 665 sq ft of mezzanine storage.
Sampson Moore have purchased a leasehold industrial investment in Stratford-upon-Avon for Kindale Ltd for £975,000 reflecting a yield of 12%. The property comprises 25,719 sq ft and is located in Timothy's Bridge Road. It is let to Sitel at £125,000 pa until 2022 with a break in 2017. The property is leasehold from Stratford District Council expiring in 2068.
Coventry industrial unit to let
A good quality modern 7,589 sq ft industrial unit at 15 Paragon Way in Coventry is available to let (may sell). The property is located on the well established Bayton Road Industrial Estate and close to Junction 3 of the M6 motorway.
The asking rent is £34,000 pa, and the guide price for sale is £465,000, subject to contract. See also our sales instructions page for photo and further information.
Retail sales completed
Sampson Moore have completed the sale of two retail investments, acting jointly with FSP, for fund manager clients.
96 High Street, Worcester has been sold for £1.34m, reflecting an initial yield of 5.5%. The property is let to Fat Face Limited until June 2024 at a rent of £78,000 pa. Sampson Moore also advised prior to the sale on the regear of the lease for a further 10 years to the tenant.
12 High Street, Shrewsbury has been sold for £607,000, reflecting an initial yield of 6.23%, with reversion to circa 7.25%. The property is let to Essensuals Limited at £40,000 pa until November 2013.
Derby office purchase
Sampson Moore have advised property company clients on the purchase of Pentagon House, Derby for a sum of £1,775,000. The property is a high quality office building comprising 31,826 sq ft. It is let in part to Chubb, Infomill and Chemring Europe, with over half of the space currently vacant. The purchase price reflects £55 per sq ft, and will show a yield of circa 16% when fully let. The purchaser intends to refurbish the ground floor immediately and carry out an active marketing campaign to secure lettings for the vacant space.