A business park in Scunthorpe which is home to several national brand-name companies has been bought (with Ryden acting) for £1.36m with a yield of 8.38%.
The site houses seven units with tenants including Screwfix Direct, Crown Decorating Centre and Graham plumbers’ merchants.
Matthew Edwards, Regional Managing Partner at Ryden, acted for the purchasers, the trustees of Kingston Unity Friendly Society. He said: "The property fits in with Kingston Unity's strategy of buying good quality assets in prominent locations.
“The Trade Counter market is improving in line with the economy and we expect to see continuing improved demand in this sector.”
The park's developer, Allenby Commercial, plans to reinvest the proceeds to create a further 30,000 sq ft of trade counter space at the adjacent three acre site, which it also owns.
Garness Jones of Hull and Jones Lang LaSalle were the joint agents for Allenby Commercial.