Private landlord, Deanhill Estates, has sold the Hilldane Portfolio to the IO Group for 17.435m / 6.7% initial / £78 per sq ft capital value.
The portfolio, comprising seven small unit estates in Abergavenny, Cardiff, Horley, Newhaven, Okehampton ,Redditch and Ryde, totals 223,693 sq ft and provides 78 units housing 57 tenants. With an income of £1.248m pa, the portfolio has a low void rate of 2% and a modest average rent of £5.58 psf offering scope for future rental growth through active asset management.
Bob Locker of CNC PFM, Asset Managers to Deanhill commented,
“We have looked after some of these estates for a few years now and in that time have re-positioned them into attractive business properties catering towards the smaller warehouse user in each location."
Deanhill were represented by CNC PFM, Ryden and Fletcher King and IO by Lewis Ellis.