Progress Property has sold a warehouse unit at Binley Industrial Estate, Coventry, for £3.3million.
Property consultants MK2 Real Estate advised on the sale of Unit 4, Progress Close, to property investment company AMK2 Real Estate.
Unit 4 comprises 34,223 sq ft of warehousing space with ancillary offices. It is let to hydroponic equipment manufacturer and distributor, HydroGarden Ltd, on a new ten-year lease at an annual rent of £272,000.
Binley Industrial Estate is home to several high-profile occupiers, including Vetrotech Saint Gobain, Dulux, Howdens and Screwfix.
Mark Johnson, director in MK2’s investment team, said: “Coventry has a vibrant industrial market and the sale and restructured lease helps secure the tenants occupational needs as well as providing a good long-term hold for the purchaser.”
Michel Nangia, director at AMK2 Real Estate, said: “We are delighted to have completed on our first acquisition in Coventry with a great team, further diversifying and growing our portfolio. The asset meets all of our investment criteria and we are looking forward to our new partnership with Hydrogarden.”
MK2 acted jointly with Ed Bunbury at Bromwich Hardy.
