An industrial estate in Warwickshire has been acquired in a £1.2 million deal.
The second phase of Innage Park, in Atherstone, has been sold by Moorhen Properties to BLME Light Industrial Building Fund, care of Coba Asset Management and Seven Dials Fund Management.
The deal includes 23 industrial units of varying sizes, totalling 23,046 sq ft.
The estate is let to North Warwickshire Borough Council with six more years to run on the lease with units are sub-let by the authority to individual businesses.
The transaction reflects a 7.96 per cent net yield.
Jonathan Moore, from Coventry property agency Shortland Penn + Moore which acted for the vendor, said this type of deal was flavour of the month.
"This is a good deal for both parties. The vendor is pleased with the price achieved and the purchaser has added a very strong asset to its portfolio," he said.
"The estate was originally constructed in the 1980s to provide starter units to small, local companies.
"The new purchaser has a further six years of rental income from North Warwickshire Borough Council with potential for future asset management beyond this lease term.
"It's rare this type of opportunity comes along and attracted a good level of interest as it offers a strong stream income and solid asset with angles going forward."
The estate is located on the Holly Lane Industrial Estate, in Abeles Way, and has strong connections with the regional road network via the A5.
