In its latest deal Cordatus Property Trust (CPT) has sold the leasehold interest of Unit 7 Newbridge Industrial Estate, Bristol, a standalone industrial unit in a core industrial location.
The unit which extends to approximately 30,500 sqft was acquired in 2015 as part of a larger holding, was sold to a private investor for £2.075m / £68.00 psf CV.
The property located at the Newbridge Trading Estate in the St Philips area of Bristol, an established industrial area approximately 2 miles east of the City Centre, provides a detached triple bay warehouse with two storey office accommodation which had recently been refurbished following the previous tenant moving out. Not only did the sale to an owner occupier reduce the fund’s void shortfalls but also achieved a price significantly ahead of valuation and apportioned book cost – a double win.
Andrew Murray of Cordatus said: “Despite the ongoing issues surrounding the current pandemic and uncertainty amongst occupiers, the sale illustrates that for good quality stock with strong underlying fundamentals there will always be demand.”
CPT was represented in the transaction by CBRE and CMS with the refurbishment works project managed by CS2 Surveyors.