On behalf of TR Property Investment Trust Plc, property consultancy Alder King has acquired the freehold investment of a 53,115 sq ft prime distribution unit in Almondsbury, near Bristol, for £4.57 million reflecting a net initial yield of 6.71%. The property was acquired from Equity Partnership (Osprey) Ltd, represented by JLL.
The property is let to Yodel Delivery Network Ltd for five years at a rent of £325,000 per annum.
Oli Stretton, associate in Alder King’s investment team, commented:
“The property is strategically located, close to the M4/M5 interchange and benefits from a low site density, providing a broad range of opportunities to enhance value. We look forward to building on this recent success by targeting similar assets on behalf of the fund.”