Craigard has purchased the SIG Unit in Budlake Road, Exeter for £1.4million. With an initial yield of just over 8% this is a well bought opportunity in, at present, a very heated industrial investment market.
The site comprises a single storey industrial/warehouse unit, with integrated office accommodation. Gated, self-contained and fenced, the entire site extends to just over two acres in total.
With excellent links to the nearby M5 motorway the property is currently let to SIG Trading Ltd until 2027, and offers a great long term redevelopment opportunity, “With a long lease remaining, and no requirement for consent to redevelop the site, we have a good opportunity to build on the value of this asset in the future,” comments David Foster. “ Meanwhile the current rental income of £120,000 per annum (£4.79 per sq ft) was agreed in September 2017, and with the 10 year lease offering the chance for a rental review after five, we also see this as a great income growth opportunity.”
BNP acted for Craigard and Allsops for the seller.