Two commercial sites have recently been sold in the Cattedown area of Plymouth with both achieving in excess of their asking prices.
Acting on behalf of National Grid, and in conjunction with Savills (UK) Ltd, the properties were sold by Vickery Holman following short marketing campaigns.
The first located at Fox’s Field, on the junction of Clovelly Road and Macadam Road, was sold to a private individual in October 2012 and is already being let out in part for secure storage. Measuring approximately 0.47 hectares (1.16 acres) and by achieving in excess of the £195,000 guide rate of over £168,000 per acre was derived, which could be considered higher than industrial development land.
The second site was also located on Clovelly Road on the junction with Breakwater Hill. This site provided a total area of 0.61 hectares (1.51 acres) and was being sold with the benefit of some short term leases providing an income of £23,000 per annum. The site, recently purchased by a private sector company, achieved well in excess of the asking price of £210,000.
Anthony Eke from Vickery Holman, who negotiated the sales, comments “The two sites are located within a designated blast zone which effectively restricted their use to secure storage only. However, this restriction does not seem to have affected interest.
The availability of freehold storage land in central areas of Plymouth is quite rare and as such we attracted a strong amount of interest resulting in a best bids process.
These sales just go to show that the market remains relatively strong for the right product when marketed effectively.”