Dencora has sold a car showroom and warehouse scheme in Crawley, West Sussex, to an institutional overseas investor for £5.9m, reflecting a 7.1% net initial yield.
The 5,133 sq m (55,250 sq ft) development is fully let and will be completed by the spring. United Parcel Service already occupies a shed while HSS Hire Service Group plc and Jaguar dealer William Jacks plc have also signed up for pre-lets.
William Jacks is paying £130.06 per m2 (£12.08 per sq ft) for the showroom while rents on the warehouses are up to £78.03 per m2 (£7.25 per sq ft).
Dencora was advised by Healey & Baker and Stiles Harold Williams. Mason Philips advised the purchaser.
EGi News 21/01/97
