AN industrial estate in Park Farm has been sold for £5 million.
Willmoreton Properties, a joint venture between Buccleuch Property and Edinmore Properties Ltd, has sold the freehold for 20-35 Crossgate Road, to clients of CBRE Investors for £5.01 million.
The self-contained estate comprises 16 units totalling 100,318 sq ft and is let to six tenants, including GT Aluminium Matrix Ltd, Arlon Plastics and Protective Finishing Group Ltd, on leases expiring between 2006 and 2012.
The industrial estate produces a total rental income of £373,103 per annum.
James Fairweather of Strutt & Parker's National Investment Agency which acted on behalf of Willmoreton Properties, said: "Having acquired the estate as part of a portfolio last year, Willmoreton carried out an upgrade programme, including the refurbishment of two units, and took advantage of the current high level of investor demand to sell this property on to a pension fund."
Alan Wordie, of Willmoreton Properties, said: "This is an excellent time to sell and the sale is in line with our strategy of rationalisation allowing us to invest the capital in new opportunities."
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