Acting on behalf of Ludgate Estates, we have acquired 4a Banner Court, Hull. The property occupies a prominent position on Priory Park, Hull’s premier business park, and comprises a modern semi-detached industrial unit extending to 1,211.7 sq.m (13,043 sq.ft).
The property was acquired from Medi-Clear Ltd by way of a sale and leaseback following the company acquisition of Medi-Clear by Canadian industrialists. Medi-Clear took the property on a new 10 year FRI lease subject to a break at the end of the 5th year at a rent of £60,000 pax.
A price of £940,000 was paid reflecting an initial yield of 6.04%.
Fellow PAI member Clark Weightman acted for Medi-Clear Ltd on the sale. Ian Davies of Ludgate Estates commented “this fulfilled our continuing requirement for well located prime investments. We have a number of existing assets along the M62 corridor and had been looking to acquire a suitable investment within the East Yorkshire conurbation for some time”.