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AE Securities acquires Unit B, Access 18 West, Avonmouth

Acting on behalf of AE Securities Ltd, Colliers International has acquired the freehold of Unit B, Access 18 West, Third Way, Avonmouth, for €3.37 million (£2.9 million), reflecting a net initial yield of 6.38 euro per cent (5.48 per cent). The vendor was a private client of Cluttons Capital Partners.

The 27,442 sq ft warehouse is let to let to CCF Ltd, a wholly-owned subsidiary of Travis Perkins, on a 25 year lease from July 2003 and is producing a rent of €196,000 (£169,000) per annum, reflecting €7.20 (£6.19) per sq ft.

Richard Coombs, director in the National Capital Markets team in the Bristol office of Colliers International, said: “This purchase illustrates the increasing attraction of industrial property as an investment asset where strong rental growth is anticipated. This unit has the benefits of being in a core industrial location in Avonmouth, with a long unexpired leasehold term and a secure covenant.”