Tyres premises in Peterborough sold in £1 million deal
A prominent employment site in Peterborough is under new ownership.
The 5,986 sq ft (556 sq m) industrial unit at Whittlesey Road has been sold for an undisclosed sum.
A spokesperson for Peterborough-based commercial agents Savills said the site represented an excellent industrial investment.
Savills, which was acting on behalf of a private landlord, has sold the site, which is currently home to independent tyre and automotive parts retailer National Tyres, to Crossacre Properties, based at Oxney Road Industrial Estate, Peterborough,
The site had been marketed at a guide price in excess of £1 million - representing a 6.09 per cent net initial yield.
The unit is let in its entirety to National Tyres, which has operated from the unit for 24 years.
The company recently signed a new 10-year lease on the premises, which generates an annual rental income of £65,000.
Edward Gee, associate director at Savills, said: “The National Tyres unit provided an excellent opportunity to acquire a good quality income generating asset.”