The Cambridge office of Barker Storey Matthews – now part of Eddisons – has concluded a transaction in which it simultaneously let and sold a substantial industrial unit in a prominent location on Homefield Road, Haverhill, Suffolk.
Unit 1 is a detached warehouse unit of 2,467 sq m (26,650 sq ft) including ground floor and first floor offices and mezzanines and large warehouse area of 1,840.21 sq m (19,808 sq ft).
The building sits on a generous plot with loading area and car parking and, in the marketing of the property, Barker Storey Matthews advised that, subject to relevant planning consents, there was the potential to add a further building of up to or around 1,115 sq m (12,000 sq ft).
Homefield Road is an established commercial location in Haverhill – a fast expanding market town on the Cambridgeshire, Suffolk, Essex border triangle – with a strong industrial and business sector profile. The town has good road links via the A1307 to the A11 and motorway network beyond. It is 17 miles south east of Cambridge and London Stansted Airport is 20 miles south west.
All elements which, according to Barker Storey Matthews, added to the appeal of the property to the new tenant, Frem Group – a manufacturer of contemporary and bespoke office furniture.
A private investor has purchased the property for £1,325,000, with the new lease reflecting a net initial yield of 8.2 per cent.
Ben Green, of the agent’s Cambridge office, added, “This latest transaction demonstrated solid occupier and investor demand in towns with a strong industrial profile, such as Haverhill, where the supply of quality units is low.”