Acting on behalf of clients of CBRE Global Investors, the Bristol investment team of Hartnell Taylor Cook LLP has acquired Bamfurlong Industrial Estate, Cheltenham for £3,475,000, reflecting a net initial yield of 6.5%.
The estate occupies a unique position, being immediately adjacent to Gloucestershire Airport and comprises 28 industrial units extending to 201,959 sq ft on a 15 acre site. The units are predominantly let on medium term ground rents with gearing of between 5% and 56%. The estate generates a total income of £238,524 per annum.
The vendor, is a private client of Paul White Associates.
Ian Lambert, investment partner at Hartnell Taylor Cook LLP said “this is an excellent acquisition. The property occupies a unique position adjacent to Gloucestershire Airport, and with most ground leases falling in within the next 20 years the opportunity to greatly improve rental income and drive asset management initiatives is very real. The price paid is more than underpinned by site value and vacant possession values”.
