28th April 2016
Drakes Court in Plymouth sold to private investor
Acting on behalf of City Monument Properties, Alder King and JLL have disposed of the freehold interest in Drakes Court, a modern four unit trade/industrial development on Langage Business Park in Plymouth.
The multi-let scheme was sold to a private investor off an asking price of £3.1 million.
The 39,643 sq ft development is let to four tenants and produces a total rent roll of £230,050 per annum. It has an AWULT of 6.1 years. Tenants include Dash Direct Ltd, Snowbee (UK) Ltd, Draeger Safety UK Ltd and Skills to Group Ltd.
Located on one of Plymouth’s principal commercial locations, Drakes Court occupies a secure site of circa 1.14 acres, reflecting a site coverage of approximately 42%. Each unit is of a high specification and incorporates a two storey amenity block and includes demised parking and yard area.
Oli Stretton, partner at Alder King, commented: “We are delighted to have secured the sale of this multi-let industrial estate on behalf of City Monument Properties, taking advantage of the strong demand for good quality multi-let industrial estates in regional locations.”
Bruton Knowles represented the purchaser in the transaction.