Bromwich Hardy has sold Pilot Trade Centre in Coventry on behalf of private clients at a price of £5.2 million.
The newly built development includes occupiers such as Screwfix, Salon Services, AutoGlass, Connection Flooring and St. Gobain. The purpose-built trade scheme extends to eight units, totalling 31,000 sq ft in a prime location by the A45/A46 Toll Bar island intersection on the south east outskirts of Coventry.
The scheme is fully let, all tenants paying £10.00 per sq ft, a record for Coventry. The sale represented a yield of 5.59%.
David Penn, who oversaw the development, lettings and sale of the scheme commented: “We were always confident that the strong location and user-friendly design would achieve strong interest from trade operators. The sale to an institutional investor reflects a lack of investment stock in a popular region, but where there is a lack of development land available for small to medium sized units.
“This sale represents the last transaction for us at Pilot Business Park, so we are concentrating now on investigating planning potential for land nearby.”
CIP Threadneedle UK Property nominees were the purchaser, represented by Knight Frank.
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