A private buyer, has acquired a 27,400 sq ft industrial investment in Saltash, Cornwall.
The modern warehouse is let to Righton Blackburns Limited, a market leading specialist stockholder and distributor of metals and plastics used across a variety of sectors. The property was let until 30 June 2025 but the tenants have recently signed a reversionary lease for a further 5 years, expiring 30 June 2030. Righton Blackburn added an extra floor of offices within the warehouse last year which is a strong sign of their commitment to the premises. The passing rent is £163,586 with rent reviews 5 yearly based on open market rent or 3% per annum compounded. The building sits on a site of 1.923 acres so has a site coverage of only 29.3%.
Acting on behalf of a retained private client, joint agents Sanderson Weatherall and Piers Pollard Chartered Surveyors sold the investment for £2,500,000, reflecting a net initial yield of 6.15%.
Partner in Sanderson Weatherall’s national investment agency team, David Ferris commented, “We’re pleased to have completed the sale of this property that we acquired for the client three years earlier. Righton Blackburns and their parent company, Amari Metals Limited, provide a robust tenant for almost 10 years with a fixed uplift at the fifth year so the proposition was very attractive to the purchasers, which was reflected in the price achieved.
The purchasers were represented by Aston Rose, an established London based multi-disciplinary surveying practice.