King Sturge - Industrial Sale - Luton

Date: 07 Aug 2008

Resolution Asset Management has sold the freehold interest in Units 1-4, Sovereign Park, Laporte Way, Luton for £6.535 million (£87 per ft²) reflecting a net initial yield of 7.25%.

The property comprises four high specification industrial units totalling 75,414 ft², developed in 2000.

The four unit scheme is well let to two tenants on three separate leases providing a current rental income stream of £501,162 per annum (£6.65 per ft2). Units 1-3 are let to Wyndeham Westway Ltd (guaranteed by Wyndeham Press Group plc) expiring in March 2021, whilst Unit 4 is let to Orange Personal Communications Services expiring in December 2025.

King Sturge acted for the purchaser and Resolution was advised by Lambert Smith Hampton.

Related website: King Sturge

Sovereign Park, Luton