Vantage Point, a multi-let industrial and trade counter estate in Leeds, has changed hands for £2.61m.
DTZ’s investment agency acted on behalf of CBRE Global Investors to complete the freehold sale to a private client represented by Savills. The purchase price reflects a net initial yield of 10.4%.
Part of Howley Park Industrial Estate, Vantage Point comprises 62,320 sq ft across eleven units and is prominently located adjacent to the M62 motorway.
The estate is currently let to seven tenants on eight leases with 73% of the income secured against ASDA Stores Ltd. Passing rent totals £287,923 with average unexpired lease term of 4 years.
DTZ’s Industrial agency is the letting agent at Vantage Point completing lettings to Impellico Services Ltd and Lokring Northern prior to the sale.
Richard Brooke, Surveyor in DTZ’s Investment agency team in Leeds commented: “We are pleased to have completed the sale of Vantage Point. The estate delivers an attractive yield and presents further asset management opportunities for the purchaser to improve income and add value.”
Mark Wilson, Associate Director at Savills, added: “Vantage Point presented an opportunity for our client to acquire a robust multi-let industrial estate that combines the security of existing leases to leading national occupiers with the opportunity for asset management.”