Raglan Properties has bought the Harrowbrook Industrial Estate in Hinckley, Leicestershire, for £6.5m from Royal London Mutual Insurance. The purchase reflects a net initial yield of 10.8%.
The estate’s 13 units, totalling 23,225 sq m (250,000 sq ft), are let to nine tenants with one unit currently vacant. The passing rent is £718,000 pa, but the letting of the vacant unit and the settlement of an outstanding rent review is expected to push the yield over 12%.
North Rae Sanders advised the purchaser while Royal London Asset Management acted for the vendor.
EGi News 29/04/96
