Custodian REIT, the UK property investment company, has acquired an industrial unit in Nottingham for £1.875 million.
The 24,134 sq ft unit on Moorgreen Industrial Park is occupied by commercial printing company Hickling & Squires with a weighted average unexpired term to first break or expiry of 7 years.
The unit has a passing rent of £130,000 per annum.
Commenting on the acquisition, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the company’s discretionary investment manager), said: “We are delighted to have secured this modern industrial asset in an excellent location.
“The purchase was agreed off-market and the net initial yield of 6.53% is above average for a market typified by significant occupier demand leading to rental increases.”
