Land Securities has paid a private property company £2.365m for the freehold of an 8,124sq m (87,450sq ft) warehouse on the Dorcan Estate’s Faraday Road, Swindon in Wiltshire.
The property, which is on a self-contained site of 1.72ha (4.24 acres), is let to Vivitar (Europe) on a 25 year lease from 1988 and is wholly sub-let to GWC Holdings. The passing rent is £260,565 pa, representing a net initial yield of 10.72%.
During the last two years, Land Securities has invested a total of £89m on expanding its industrial portfolio. Roland Nevett, a director of Landsecs subsidiary Ravenseft, said: “Given the recent improvements in the Swindon market we are confident it has excellent potential.
Morgan Loggies advised Land Securities. The vendor was represented by Joiner Cummings.
EGi News 15/05/96
