Banks Long & Co has sold a multi-let industrial estate investment in Lincoln on behalf of the City of Lincoln Council.
The opportunity at Allenby Trading Estate has been acquired by private clients of Boston-based Poyntons Consultancy.
The Dowding Road units are now poised to get a revamp, making them more attractive for tenant businesses.
Poyntons, which is highly active in this field, will be managing the properties on behalf of its client, whose pension fund investment will benefit from the rental income and potentially increasing value of these units.
Banks Long & Co Director William Wall said: “The courtyard style development provides a number of flexible units, let to a variety of local businesses and such opportunities have proven to be consistently attractive to buyers over recent years.
“We have a comprehensive mailing list of over 1,500 national, regional and local investors so were able to generate a high level of interest before finally resolving upon a sale to Poynton’s clients.”
Poyntons Consultancy Director James Fairman said: “We act as managing agents for many private pension funds. The Dowding Mews and Dowding Road properties, bought for a Nottinghamshire client’s fund, are among a handful of Lincoln investment deals we have recently negotiated.
“We have a Mayfair office and the Lincolnshire commercial property market, which is based in a largely agricultural county, is highly attractive. Investors see it as very stable, offering good value for money and decent returns.”
The City of Lincoln Council’s Strategic Property Manager Mark Wheater added: “We are delighted to have concluded this successful sale. A good price was achieved for this freehold opportunity.”
