LDT secures £830k investment deal at new Plymouth industrial park
Leading South West commercial property developer London and Devonshire Trust has secured its first investment sale at the city’s up and coming Plymouth Enterprise Park at Ernesettle Lane just off the A38.
In competitive bidding a private pension fund has bought four acres of fully let land at the site for £830k showing an equated yield of circa 8.5 per cent.
Occupied by Westcountry Storage Solutions and Vi-Spring Ltd on two co-terminus leases, the land has been let on twenty-year terms.
Development advisor Philip Kerr of Harcourt Kerr, said:
LDT has a proven track record in swiftly regenerating vacant sites into profitable investment opportunities. It has been less than four months since the 22-acre park was launched and we are securing leases as quickly as tenants come along and in this way we create investment opportunities releasing cash that can be recycled into the site.”
In a move to make the remainder of the site attractive to potential tenants, the developer has recently submitted outline planning permission for mixed-use industrial and business space. The intention is to open the way for any future tenants to occupy the remainder of the site. Already Fulcrum Power Generation Ltd has achieved planning for an acre of the park to house a 20-megawatt backup power generation unit and will be taking occupation before Christmas.
Daniel Stephenson, Managing Director of LDT, said:
The site’s credentials are excellent as an existing brownfield site with infrastructure already in place. We expect to see further investment opportunities realised as the site matures with new tenants attracted to Plymouth’s growing business status.”