Faraday Mill Trade and Business Park purchased in Plymouth

Hartnell Taylor Cook LLP, acting on behalf Parabola Capital LLP, has purchased the predominantly freehold interest of Faraday Mill Trade & Business Park, Plymouth, one of Plymouth’s largest and best known estates for £6.3 million.

The multi-let estate is located 1 mile east of the City Centre, adjacent to Salmon Retail Park (Carpetright and Go Outdoors).

The estate provides a mixture of industrial, trade counter and retail/showroom accommodation and totals 192,219 sq ft on a site area of 10.82 acres.

The estate has been purchased on a part freehold and part leasehold basis at a net initial yield of 11.69%. The current rental income is £779,035 per annum.

Hartnell Taylor Cook LLP advised the purchaser. The vendor was represented by Knight Frank LLP.