Industrial Property Acquired By Investment Firm

A warehouse and offices in Devon which has St Austell Brewery as long-term tenants have been sold to a property investment firm, in a deal sealed by Bond Wolfe.

The property agent sold the 10,822 sq ft industrial unit on the Mullacott Business Park to St Brides Investments Ltd, on behalf of vendors Real Estate Investors (REI).

The property produces an annual rental income of £52,500 per annum, and was sold off a net yield of 6.73 per cent.

James Mattin, managing director agency at Bond Wolfe, said: “With such a strong covenant, the property attracted enormous interest as soon as we went to the open market and represents the typical investment opportunity that buyers are currently looking for.”

St Austell Brewery was founded in 1851 and is a producer of beers and owner of a pub estate spanning the West Country.

CBTC Solicitors provided legal advice for REI, while Berry Smith of Cardiff acted for St Brides, whose agent was Andrew Hoskins of Stratton Creber Commercial.