St Modwen Properties has sold a 35,000 sq ft building its Access 18 development at Avonmouth, Bristol, to Royal Liver, for £2.6m.
The deal reflects a net initial yield of 6.7%.
The unit is let to Qualitex Supplies on a 15-year lease at a passing rent of £185,500 pa.
It marks the first deal for St Modwen’s new South West regional office, headed by Rupert Joseland, who is in charge of a region stretching from Gloucester south to Taunton and from South Wales east to Swindon.
He’s based at Access 18 where St Modwen is redeveloping the 212-acre former BZL smelting plant site.
The office will also deal with the regeneration of 600 acres of the former Corus steelworks at Llanwern, the redevelopment of Littlecombe, Dursley, Gloucestershire, in partnership with the South West Regional Development Agency (SWRDA), and land holdings around Junction 12 of the M5 at Quedgeley.
References: EGi News 17/02/05
