TELFORD TOOLSTATION WAREHOUSE SOLD FOR MORE THAN £280,000

A Telford warehouse has been sold to a private investor for more than £280,000.

Investment specialists at property consultancy Harris Lamb oversaw the deal, which saw the Stafford Park 4 trade counter unit occupied by Toolstation sold to a private investor.

Becky Thomas, of the business’ Agency team, marketed the vacant unit and agreed a 10-year lease with the tool retailer in February, before the investment team was instructed to place the 5,058 sq ft facility on the market.

TELFORD TOOLSTATION WAREHOUSE SOLD FOR MORE THAN £280,000

Becky said: “I have been involved with this property since 2012 when I originally negotiated a tenancy to occupy the industrial unit. When this tenant vacated in 2015, we returned to the market on a for sale basis. Following a number of freehold offers which failed to complete, I approached Toolstation, who were in the market, with a view to constructing an investment sale.

“Due to the lack of prominent, front-of-estate units meeting the business’s requirements, Toolstation Ltd agreed letting terms including landlord works to improve the unit and allow for their own fit-out. It may have been a lengthy process, but it has ultimately achieved a good investment sale for a long standing client,” she said.

Alex Eagleton, of Harris Lamb’s Investment team, added: “This sale is the latest in a series of industrial investments we’ve overseen as investors seek opportunities within the sector outside London.                                                                                                                                                        

“There has been a high demand for industrial opportunities in the past 12 months as investors are keen to enhance their portfolios with sites occupied by secure, stable tenants.

“This particular opportunity was of a high calibre thanks to its very low-risk covenant. Toolstation has invested in a substantial refurbishment at the 5,058 sq ft site since signing the lease earlier this year, and an initial rent of £22,500 per annum was agreed with a tenant break option at the end of the seventh year.  

“The long-term security of the site, teamed with Stafford Park 4’s access links, by way of the M54 and M6, made this an attractive opportunity, and we weren’t surprised b the high levels of interest it received.”

The team was instructed to place it on the market with a guide price of £280,000, and further to high levels of interest from prospective buyers, a sale was agreed for £287,500, representing a Net Initial Yield of 7.59%.