Lakeside Park, Frome
- Client: Lakeside Park Ltd
- Services Provided:
- Investment Agency
Lakeside Park is a rural industrial estate on the outskirts of Frome comprising six separate blocks of varying ages, totalling 27,656 sq ft. The estate is multi-let (majority let to Arkonik Limited), generating approximately £208,000 per annum, with a Weighted Average Unexpired Lease Term (WAULT) of around 9.5 years. Alder King represented the client on the sale of the freehold investment.
Following our appointment in 2022, Alder King worked closely with the client, who managed the property in-house, in preparing and collating a detailed technical pack which was hosted in our virtual data room. This rigorous process helped to streamline the sale and substantially mitigate overall transactional risk. The property was marketed widely through a variety of channels, generating a high level of investor engagement.
Alder King successfully completed the sale of the building in April 2023 to a newly established industrial fund for £2.31 million, reflecting a net initial yield of 8.5%. Our client was very satisfied with the outcome, particularly considering the level of uncertainty in the market at the time of sale.
I could not have chosen a better agent to handle the sale. It’s been a pleasure working with you.” Andy Montacute, director, Lakeside Park