A warehouse and offices in Devon which has St Austell Brewery as long-term tenants have been sold for £740,000 to property investors, in a deal sealed by Bond Wolfe.
The Black Country-based property agents sold the 10,822 sq ft industrial unit on the Mullacott Business Park in Ilfracombe to St Brides Investments Ltd, on behalf of vendors Real Estate Investors (REI).
The property produces an annual rental income of £52,500 per annum, and was sold off a net yield of 6.73%.
James Mattin, managing director agency at Bond Wolfe, explained that the industrial unit was part of an historic portfolio for REI.
Mr Mattin said: “We were delighted to conclude this sale to St Brides Investments Ltd.
“With such a strong covenant, the property attracted enormous interest as soon as we went to the open market and represents the typical investment opportunity that buyers are currently looking for.”
The much sought-after Mullacott Industrial Estate lies in an area of outstanding natural beauty in North Devon, within five minutes’ drive of Ilfracombe.
It has seen considerable development and growth over the last few years, with tenants including an assortment of business operators.
Mr Mattin added that the deal was made even more attractive by St Austell’s rental on a ten-year lease that expires in May 2029.
St Austell Brewery was founded in 1851 and is a producer of award-winning beers and owner of a pub estate spanning the West Country. It employs over 1,000 full and part time employees.
It is also the South West’s leading wholesale supplier to the licensed hospitality sector, delivering beers, lagers, ciders, wines, spirits and soft drinks to nearly 5,000 bars, restaurants, hotels, pubs and clubs.
CBTC Solicitors provided legal advice for REI, while lawyers Berry Smith of Cardiff acted for St Brides, whose agent was Andrew Hoskins of Stratton Creber Commercial.