Seven industrial units snapped up

A MAJOR leasing deal has been completed on seven units at a Coventry industrial estate.

The owner of units three to nine on the Alpha Industrial Estate in Deedmore Road has sold the leaseholds to a private buyer in a deal worth £835,000.

The sale was brokered through commercial property agents Shortland Penn + Moore (SP+M), which acted as joint agents with Franck-Steier Price.  The buyer was represented by Bromwich Hardy.

The majority of the units are let and range in size from around 2,000 to 3,500 sq ft.

The units currently generate an income of £101,724 (£82,923 net, after ground rent) and the deal represents a net initial yield of 9.4%.

David Allen, director of SP+M, said: “The market for this type of industrial investment was robust in 2015 and this deal – along with several other deals we are currently working on – suggests that it will continue into 2016.”

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