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The South West Specialists

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Industrial property remains popular with investors

Finnimore Industrial Estate, situated on the outskirts of the popular town of Ottery St Mary in the heart of east Devon, has been sold by Vickery Holman’s Investment Department.

The multi-let industrial estate provides a total of 54,935 sq ft and has 13 tenants producing a total rent of just over £248,000 per annum.

The units have been developed over the past 30 years by a private investor and are situated on a site of 2.71 hectares (6.7 acres), including 0.89 hectares (2.2 acres) of development land.

The estate was sold for £2.24 million, which equates to a net initial return of 11.17% having allowed £150,000 for the development land.

The purchaser is a special purchase vehicle managed by M7 Real Estate LLP.

Vickery Holman’s Director and Head of Investment, Mike Oldrieve comments, “Our client has owned the property for over 30 years and the estate has consistently performed well, despite there being two vacancies at present. On the edge of Ottery St Mary, the estate is a major feature of the town and indeed this part of east Devon and benefits from good access to the A30 and the main coastal towns. Multi-let industrial estates remain very popular with investors, with Vickery Holman having sold numerous estates in recent years.

We now move on to Anna Mill at Wrangaton, near Ivybridge, which we currently have on the market and are currently receiving a good level of enquiries.”