An industrial unit in Daventry has changed hands for £830,000 in an investment deal secured by award-winning commercial property specialist Bromwich Hardy.
Unit 3 Caxton Close on the Drayton Fields Industrial Estate has been snapped up by an unnamed investor from vendors Sippchoice Trustees Limited.
Bromwich Hardy founding partner Tom Bromwich said the unit was home to an excellent tenant and represented a first-class investment for his client.
“This is an excellent property in a good location and we are delighted to have been able to secure it for our client. It offers all the potential to realise a healthy return on the investment.
“It is occupied by Simply Conveyancing Property Lawyers as their head office on a ten-year lease which runs until September 2028 and is just the type of investment our client is looking for.”
Tom said the 9,530 sq ft unit, which includes a two-storey office block, should realise a net initial yield of more than six per cent, with the current rent set at £57,500 a year.
“The current occupiers have been at the site more than ten years and have fitted it out to reflect its role as their head office, so it is in excellent condition. Again, it shows that in the current market there is plenty of interest in the right types of property at the right price.”
The deal is the latest success for Coventry-based Bromwich Hardy, which was revealed to be the ninth-best performing agency across the country in new EG Radius on-demand rankings last month.
The vendor was advised by Tom Drake of Drake Commercial.