Morris Property has successfully sold a further trade counter investment at Vanguard Park, Shrewsbury’s leading trade counter development, currently let to Lockwell Electrics, an independent wholesaler and distributor of electrical, PPE and maintenance products.
Acting on behalf of Morris Property, commercial agents Towler Shaw Roberts of Telford sold the unit to a local private investor with an asking price of £330,000. This reflects a net initial yield of 7.5% after usual purchaser’s costs.
Craig Henn of Towler Shaw Roberts said: “This prominent sale follows on from the recent sale of two further units at Vanguard Park, housing Toolstation and Autoglass, proving the popularity of the trade park. The sale was of interest to a number of investors due to the covenant strength of the current tenant.”
Louise Clowes of Martin Kaye solicitors in Telford acted for the purchaser, with Morris Property using their own in-house legal team.