Pictured above: George Alcock
The Nottingham office of global real estate services firm, DTZ
has acquired a state-of-the-art production and distribution
facility in Cambridgeshire on behalf of Aberdeen Property
Investors.
Unit 18 The Interchange Industrial Estate, located on Latham
Road in Huntingdon, was purchased from private clients of Doherty
Baines for £4.1 million, which reflects a net yield of 6.5%
and an equivalent yield of 7.35%.
The 48,000 sq ft unit is currently let to leading specialist
meat-packing business, the Hilton Food Group. The company has 22
years remaining on its lease which includes fixed annual rental
increases.
George Alcock, Investment Surveyor at DTZ in Nottingham,
commented: "Unit 18 is a modern, high quality unit let to a strong
tenant which, combined with guaranteed rental growth provided by
annual uplifts, will offer long-term secure income.
"The property has excellent transport links, being close to both
the A1 and A14. In addition, the acquisition complements the
pension fund's existing portfolio in the local area."
Ed Crockett at Aberdeen Property Investors, added: "This
strategic purchase, let on a long lease to a single tenant,
compliments the multi-let nature of the adjacent estate which was
purchased by the Fund in April this year. It reflects our appetite
for well located, grade A property, let on long leases to good
covenants."