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10/01/2008
Vail Williams LLP, has successfully disposed of Unit C at the OYO scheme in Farlington, Portsmouth on behalf of a private client.
The newly built 3,395 sq ft trade counter unit benefits from excellent prominence on Fitzherbert Road and has been let to Eurocell Building Plastics Ltd on a five year lease from January 2007 at a rent of £33,150 pa. The tenant has an option to break in 2010.
The freehold investment has been acquired by clients of National Property Consultants Lambert Smith Hampton; Antrim County Land Building and Investment Company, for £490,000, reflecting an initial yield of 6.5% after the deduction of purchaser's costs.
Gareth Gibson comments, "Antrim County are pleased to have added another industrial unit to their expanding portfolio and continue to seek out investment opportunities".
Russell Miller of Vail Williams LLP's investment team comments, "We were very pleased to secure and convert the sale of this investment for our client in what has proven to be a difficult market. It has now become clear that the commercial property investment market peaked in the first quarter of 2007 and since the turbulence in the credit markets during the summer and the gradual hike in interest rates, we have experienced a price correction throughout each sector and especially for riskier secondary properties. This sale, however, has proven that there remains demand for good quality products."
Jerry Vigus, Director at Lambert Smith Hampton comments, "We are pleased to have been able to secure this industrial investment on behalf of our clients, Antrim County, who have other interests in the area".