Property consultants Alder King, acting on behalf of Helical Bar, have acquired the part freehold/long leasehold investment of the Walon Premises, a modern industrial/distribution unit at Portbury, Bristol for £5.75M, reflecting a net initial yield of 7.5%. The 64,000 sq ft property, which sits on a substantial 12.2 acre site close to Royal Portbury Docks, part of Bristol Port, was sold by Knight Frank on the instructions of LPA Receivers.
The property is let to Walon Ltd, part of Autologic Holdings Ltd, on a 15 year lease expiring in July 2018 at an annual rent of £454,915. The property’s location and configuration is ideally suited to Walon’s automotive logistics business.
Oli Stretton from Alder King’s investment team said: “Our client Helical Bar was attracted by the strong fundamentals of this property. The extremely low site density provides a range of options on expiry and the low passing rent is considered to be highly reversionary.”
Tom Anderson of Helical Bar added: “This acquisition is an excellent addition to our regional industrial portfolio. The property’s location, adjacent to one of the UK’s fastest growing ports, is fantastic and there are opportunities to add value in the future.”
