Insight Investment Management (IIM) has agreed to buy Beaumont Industrial Estate in Banbury, advised by GVA Grimley. Comprising a 17.2 acre manufacturing and distribution facility, the accommodation extends to 42,746sq m. Let to two tenants on four separate leases, the site produces a current income of £1,929,175 per annum. IIM paid £22.1M, equating to an initial yield of 8.25%.
Mark Beaumont, of GVA Grimley, comments: “the property offers good quality manufacturing and distribution accommodation within an established distribution location. The average rent is below £4.20 per sq ft which provides a substantial discount to prime rents with good rental growth prospects.”
Part of the site benefits from bonded warehouse consent status, providing considerable benefits to distribution tenants.
Atis Real Weatherall’s represented the vendor.