An industrial estate in Haverhill has been sold again by a town estate agents following a refurbishment six years on.
In 2007 Cheffins sold the Civic Industrial Estate in Homefield Road to property investor Kindale Ltd.
Now the estate of eight modernised units covering 27,420 sq ft has been sold again by Cheffins to a private investor at a yield (annual return) of around nine per cent.
It was sold for around the guide price was £1.28 million.
Peter Hughes, director of Kindale, said: “Cheffins has been instrumental in both our asset management and re-letting of the vacant space in the five years that we have owned the site.
“It was therefore only natural that we would use them to market the sale of the investment, which they helped facilitate at a good price.”
Philip Woolner of Cheffins said: “It’s very satisfying being reinstructed on a scheme like this.
“During Kindale’s ownership, the estate has been significantly upgraded and the income is £122,000 per annum.
The successful re-sale owes a lot to Haverhill’s strong economic base – occupier demand has been resilient during the downturn with relatively few empty buildings in the town.
“Haverhill is now gaining from its proximity to Cambridge, Stansted Airport, London and the east coast ports.
“Major occupiers in and around the town include Genzyme, Sigma Aldrich, IFF, Becker Acroma, Ardex, Titon, Thule and Percy Dalton’s.
“Located within the Homefield Road Industrial Estate, the Civic scheme offered an active management opportunity, with the potential to significantly increase rental income over time.
“Continuing population growth in the town and the region will underpin its long term investment value.”
Also on Homefield Road is another significant letting.
Cheffins has just let over 13,000 sq ft of modern industrial space to Cambridge Nanotherm Limited, developers of nano-ceramic technology for use in the electronic industry.
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