Custodian purchases Nottingham industrial unit
Property investor Custodian REIT has paid £1.88m for an industrial unit in Nottingham occupied by a commercial printer.
Hickling & Squires are the tenants at the 24,134 sq ft industrial unit on Moorgreen Industrial Park in Newthorpe.
Richard Shepherd-Cross, managing director of Custodian Capital, said: “The purchase was agreed off-market and the net initial yield of 6.53% is above average for a market typified by significant occupier demand leading to rental increases.”
The unit has a passing rent of £130,000 per annum, with seven years to the first break event.
Custodian has funded the purchase from its existing debt facilities, resulting in net gearing increasing to 20.7% loan to value.
