Five units at Knowsley Business Park snapped up for £3.5m

Custodian REIT, the UK property investment company, has acquired five industrial units at Knowsley Business Park, Liverpool for £3.5m.

The units cover more than 40,000 sq ft and are occupied by Portakabin, Green Thumb, Central Electrical Armature and Med Imaging with a weighted average unexpired term to first break or expiry of four years.

The units have an aggregate passing rent of £214,117 per annum, reflecting a net initial yield of 5.74%.

The purchase was funded from the company’s existing debt facilities, resulting in net gearing increasing to 25.4% loan to value.

Richard Shepherd-Cross, managing director of Custodian Capital, said: “We are delighted to have secured these modern assets in an area with strong evidence of increasing industrial rents, offering short-medium term asset management opportunities.”