The Charities Property Fund, advised by Savills Fund Management has acquired the freehold interest in Smiths Metal Centres, Pegasus Drive, Stratton Business Park, Biggleswade, Bedfordshire from a client of Aberdeen Property Investors for £4,570,000.
The Charities Property Fund, advised by Savills Fund Management has acquired the freehold interest in Smiths Metal Centres, Pegasus Drive, Stratton Business Park, Biggleswade, Bedfordshire from a client of Aberdeen Property Investors for £4,570,000, reflecting a net initial yield of 6.95%.
The 7,265 sq m (78,205 sq ft) industrial property is occupied by Smiths Metal Centres Ltd, a plumbing fitting manufacturer, until April 2018 at a rent of £336,000 pa, equating to £46.02 per sq m/£4.28 per sq ft). The property is reversionary with a rent review due in April 2003.
Aberdeen Property Investors were advised by Slade & Co.