Garness Jones are reporting growing confidence in the Humber commercial property market after concluding two investment deals which were worth a total of more than £3 million and which have triggered further activity in the region.
The firm secured more than £2 million for its client with the sale of a modern business park investment. It also sealed a deal worth nearly £1 million in Grimsby town centre for 43–45 Victoria Street, where tenants include TSB and Boots opticians.
The sale of Westside Business Park by Allenby Commercial (Construction) Limited comes 15 years after the company bought the site and provided industrial units ranging from 2,500 square feet to 7,000 square feet with a range of local and regional companies as tenants.
The sale to a private, Lincolnshire-based investor was concluded off-market and achieved a yield of 7.74 per cent. Allenby Commercial is now exploring other opportunities in the area including the £2.5 million expansion of The Trade Yard, a Scunthorpe site which was built following the company’s disposal of the nearby Parkway Business Park.
The Victoria Street property was sold by Garness Jones on behalf of a London-based company to an investor who was attracted by the prime pedestrian retail location and the high quality covenants of TSB and Boots, who both agreed 10-year leases during the last two years. The price of £950,000 provided a net yield of 7.31 per cent.
Dave Garness, Managing Director of Garness Jones, said: “We have been increasingly busy recently with the sale of investments, some of which have been quite substantial, and we are currently working on other instructions.
“Each of these transactions demonstrated rising confidence in the Grimsby area and in the wider Humber region in two very different business sectors. They both achieved their asking price and provided a strong net yield.”