Second Applemead Ltd, a privately owned property Company has acquired a detached warehouse in Bridgwater for £1.65 million, reflecting a net initial yield of 6.57%.The investment, Block H Showground Site is let entirely to Grafton Merchanting GB Limited, trading as Plumbase and Bath, with a further 8 years remaining on the lease, generating an annual income stream of £115,000. The property is used as a trade counter and showroom extending to 22,738 sq ft and is located close to Junction 24 of the M5 motorway.
The total site area is 1.45 acres and includes parking for 50 cars plus 2 HGV’s.
Ian Lambert of Hartnell Taylor Cook LLP who acted for the purchaser said: “My client was looking for a well let industrial investment and Block H offers just that. Hinkley Point C adds to the story and we believe this prominent unit offers good potential for future rental growth.”
Hartnell Taylor Cook LLP advised Second Applemead and are looking for further acquisitions on behalf of this client.
JLL acted for the vendor, a private investment company.