18th Sep 2015 06:57
LONDON (Alliance News) - Property investor Custodian REIT PLC on Friday said it has acquired a property in North Hykeham new Lincoln and has sold one in Swansea.
The company said it has bought a 19,493 square foot counter unit in North Hykeham let to MKM Building Supplies Ltd on a lease that expires in 2022. The net passing rent on the property is GBP167,711 per year and the purchase price of GBP2.3 million reflects a net initial yield of 6.9%.
"The lease carries a fixed uplift in 2017 and the tenant has demonstrated its commitment to the location. The site is prominently located in the principal commercial district of Lincoln bordered by the B1190, A1434 and B1003, providing good road links. Land adjacent to the property has seen the recent development of purpose built units, emphasising the strength and demand for good quality property in this strategic area," said Richard Shepherd-Cross, the managing director of Custodian Capital Ltd, the discretionary investment manager of Custodian REIT.
In addition, the company said it has sold a 2,313 square foot retail unit in Swansea for GBP500,000. It acquired the property as part of a wider portfolio deal, but said the unit was considered "sub-scale".
By Sam Unsted; [email protected]; @SamUAtAlliance
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