Tyres premises in Peterborough sold in £1 million deal

A prominent employment site in Peterborough is under new ownership.

Wednesday, 1st May 2019, 5:05 pm
Updated Thursday, 2nd May 2019, 1:38 pm
The National Tyres depot.

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,

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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.”