Ashbrooke celebrates latest sale

THE BUSINESS DESK


11 July


By Rachel Covill - Business Correspondent



The Yorkshire based developer Ashbrooke Developments is pleased to announce the sale of its most recently completed phase of the Sherburn Industrial Estate.

The investment comprised two modern industrial buildings of 20,000 sq ft and 30,000 sq ft let to Kinnerton (Confectionery) Company Ltd on new 15 year leases.

Arundel Williams & Surplice Ltd acting for the developer in the sale reported that the properties produced a rental of £284,416 per annum and the investment was sold to a Prominent Local Authority Pension Fund at a price of £3,348,985 reflecting a net initial yield of 8%.

The fund were represented by Philip Hunt Associates Limited and WSB Property Consultants LLP.

Kevin Surplice of AWS Ltd commented that "this was a positive development for the Sherburn Industrial Estate with Kinnerton Confectionery Ltd more than doubling their floor space within the estate with a consequent increase in manufacturing jobs and a further in flow of institutional investment funds, further establishing the credentials of this location".