Industrial asset manager Chancerygate has sold the freehold of a 37,715 sq ft industrial unit on Marston Trading Estate in Frome, Somerset, for £3.46m.
Occupied for the past 20 years by international fire protection product manufacturer Tyco, the unit was acquired by financial services provider Wesleyan Assurance Society.
Earlier this year, Tyco completed a new five-year lease with Chancerygate with a passing rent of £248,430 per annum. Employing over 60 staff at the trading estate, the company has plans to invest £4.5m in its facility in the next few years.
Chancerygate asset manager, George Jerram, said: “After a successful five-year hold period, and having secured a new lease for a tenant that has been committed to the local area for more than 20 years, it was the right time to sell the investment.
“We are active throughout the South West with active developments in Bristol and Cheltenham. The region is full of opportunity and we are actively looking for additional development and asset management options to continue our growth in the area.”
Chancerygate was advised on the sale by global real estate advisor Colliers International, whilst Nightingale Partners acted for Wesleyan Assurance Society.
Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. Its asset management team currently manages £220m of assets across 4.9m sq ft of commercial space in more than 350 units.
This year, the company is aiming to triple its completed developments compared with the previous year, targeting one million sq ft across 11 schemes compared to 340,000 sq ft in 2018.