_Faraday Mill Business Park in Plymouth sold for £12 million

The Capital Markets team of property consultancy Knight Frank in Bristol has brokered the sale of the Faraday Mill Trade and Business Park in Plymouth for over £12 million.

May 28, 2018

It sold the freehold of the city centre industrial estate on behalf of Parabola Land to Westcore for £12,165,000 in a transaction representing a Net Initial Yield (NIY) of 8.16%.

The multi-let estate comprises 70 industrial units totalling 192,169 sq ft and is prominently positioned adjacent to Salmon Retail Park in Plymouth city centre. It attracts annual rents of just over £1 million.

With unit sizes ranging from 600sq ft to 20,400sq ft the park has been home to some of Plymouth’s best known businesses

Steve Oades, head of Knight Frank’s Capital Markets team in Bristol, said: “Parabola acquired Faraday Mill in 2014 and spent over £1 million refurbishing the estate and completing lettings. Faraday now produces an income of over £1 million per annum and is well placed for the new owners to take the estate forwards.”

DEAL INFORMATION

Address: Faraday Mill Trade & Business Park, Plymouth, PL4 0ST

Sector: Industrial

Tenure: Freehold

Accommodation: 192,169 sq ft

Tenant(s): Multi let

WAULT: 6.16 years to expiry and 4.85 years to breaks

Net Rent: £1,060,747 per annum (£5.50 per sq ft)

Vendor: Parabola Land Limited

Purchaser: Westcore

Price: £12,165,000 (£63 per sq ft)

Net Initial Yield: 8.16%

For further information, please contact:

Ken Harrison, HPR Marketing, kharrison@hprmarketing.co.uk. Call 07801 649045

Olwen Morris-Jones, Commercial PR Manager at Knight Frank, +44 (0)20 7861 1744