Acting on the instructions of Palk Executive Pension Fund, property consultants Alder King and Monk & Partners have secured the leasehold sale of Unit C4 Linhay Business Park in Ashburton, Devon. The property was sold for £339,000 on the basis of a 999 year long leasehold interest for a peppercorn to Kingstown Harbour Property Unit Trust.
The 4,265 sq ft (396 sq m) premises comprise an end of terrace two storey office building with 30 demised car parking spaces with a further seven overflow spaces.
The premises were let to Lorne Stewart plc on an FRI lease for a term of eight years from 1 September 2013 at a rental of £30,000 per annum from Year 1, £32,500 in year 2 and stepped up in years 3, 4 and 5 to £36,250 until review.
Scott Rossiter, partner in Alder King’s Exeter office, said: “Based on an average rental of £34,250 per annum over the five year period until review, the sale price reflects a net initial yield of 9.65% allowing for stamp duty, legal and agency fees totalling 4.75%.
Alder King and Monk & Partners represented the vendor while Harcourt Kerr acted for the investor.