Lambert Smith Hampton - Industrial Sale - Sutton, Fulwood Industrial Estate

Date: 12 Sep 2002

Acting on behalf of Mutley Properties Limited, Noel Roper of Lambert Smith Hampton, Nottingham, has successfully sold the freehold interest on Units 2 & 3 on an established industrial estate at Sutton in Ashfield.

Units 2 & 3, Export Drive, Fulwood Industrial Estate, have been purchased by Khosla Fashions Limited Pension Fund, for a figure of £640,000.

The property, with a total floor space of 18,881 sq ft (1754.04 sq m), is currently let on a full repairing and insuring lease to Consort Limited, for a sum of £60,000. There are currently 13-years to run on the lease, which expires June 2014, and is subject to rent review August 2004 and 2009. This reflects an initial yield of 8.72%.

Commenting on the purchase, Noel said: “This industrial investment is in an ideal location, adjacent to the M1 corridor. The distribution sector is currently strong and this is an ideal time to sell, as prices remain high, with property in short supply.

“As the equities market is falling, investors are redirecting their portfolios towards investments in the property market in order to retain a reasonable level of return. This increase in demand in turn is hardening yields and we are seeing price levels that could not have been achieved 6 months ago.“

Lambert Smith Hampton acted on behalf of client, Mutley Properties Limited. White Rose represented the purchaser, Khosla Fashions Limited Pension Fund.

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