St Modwen has sold Letchworth Industrial Estate, Hertfordshire, for £12.3m to Cresta Estates, reflecting a net initial yield of 5.23%.
Developed speculatively by St Modwen’s Northern Home Counties Region, the 90,666 sq ft estate was completed in November 2015.
The four-unit scheme is fully let to two occupiers: Tyco Fire & Integrated Solutions, a wholly owned subsidiary of Tyco International; and Titan Logistics, an Interlink franchisee.
Tim Roxburgh, head of property services for Letchworth Garden City Heritage Foundation, said: “As St Modwen’s success has shown, Letchworth Garden City is in a great location for businesses, with strong infrastructure and transport links, and so is ideally placed to benefit from the upturn in market confidence.”
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