Trading estate sold in £2.5 million King Sturge deal
06 January 2009
The multi-let Vanguard Trading Estate was sold on behalf of Henry Boot Developments
A Chesterfield trading estate has been sold by King Sturge in a multi-million pound investment deal.
Multi-let Vanguard Trading Estate, Britannia Road, was sold by investment partner, Andrew Summersgill, on behalf of Sheffield-based Henry Boot Developments to Chesterfield-based property and development business, Millington Estates, for £2.5 million, reflecting an initial yield of about 8.5 %.
The three-acre trading estate, developed in three phases from 1983, is in the heart of a larger established industrial area and has a range of trade counter, engineering, vehicle repair and mail-sorting tenants including Derbyshire Industrial Sales, Consignia Plc, Eclipse Umbrellas and Zeal Electronics.
Vanguard Trading Estate, which comprises 27 units totalling 41,934 ft² plus an extra unit nearby used for storage by Wolseley UK Ltd, generates an income of £217,100 a year.
Andrew Summersgill says: “This deal demonstrates that there is still confidence in the multi-let asset market with particular regards to small business and trade counter parks. The sale price achieved represents a good return for Henry Boot Developments while offering real potential for Millington Estates.”
