25th November 2019
Devizes trading estate sold for £3.46 million
Worldwide Estates has sold the freehold investment of Nursteed Trading Estate in Devizes in Wiltshire for £3.46 million. The multi-let industrial estate was acquired by the private investment group Maybrook Properties.
Alder King and Strakers represented the vendor while Kenningtons acted for the purchaser.
Nursteed Trading Estate, located to the south east of Devizes, is arranged in three blocks and provides a total of 41,685 sq ft of accommodation on circa 3.86 acres. All ten units are let to occupiers including Mole Valley Farmers, City Plumbing Supplies and Varivane Industries. The estate produces a passing rent of £237,500 per annum.
Last year Worldwide Estates secured planning permission for the development of 17 small industrial units on a 1.06 acre yard to the rear of Units 1-4.
James Gregory, partner at Alder King’s Swindon office, said: “Nursteed Trading Estate is a well-established industrial location with sustainable tenant demand. Having secured planning permission for a small unit scheme on the estate, Worldwide Estates decided to capitalise on the current market demand for industrial assets by taking the estate to market.”
Gareth Hunt, managing director of Maybrook Properties, said the acquisition of Nursteed Trading Estate was fully in line with the group’s portfolio strategy.
He said: “With the continued growth of ‘click and collect’, we see opportunity to enhance the value of this successful market town trading estate, particularly to boost revenue through the additional development potential.”
Maybrook Properties recently confirmed the sale of Cambridge House on Henry Street in Bath to F&C UK Property Fund for £20.85 million.
Following a programme of refurbishment and various asset management initiatives by Maybrook, the 51,580 sq ft property includes a gym and an Iceland store on the ground floor with offices above. The property is fully let with total rents of £237,500 per annum.