Corby warehouse sold to KEN Investments
BNP Paribas Real Estate has acquired an industrial unit on Cockerell Road, Corby. The £1.34m purchase was made on behalf of KEN Investments.
The purchase price of the 32, 617 sq ft warehouse reflects a net initial yield of 8.75 per cent.
Nutrition products supplier Symrise currently occupies the unit, numbered ten to 12, as its main distribution centre.
There are currently ten-and-a-half years remaining on the lease and the property produces a passing rent of £124,000 per annum.
Mark Rooke, director of Birmingham investment agency at BNP Paribas Real Estate, said: "It’s a particularly pleasing purchase as it offered a high yield with a strong covenant in a modern warehouse facility. Well-let units such as this that are situated in established industrial locations continue to appeal to investors as they provide a reliable income stream."
The Cockerell Road site comprises 1.57 acres in total.
