Brown & Co have successfully sold, on behalf of an existing client, Roseland Business Park, Long Bennington, Newark for £12.75M. The freehold estate comprises 360,881 sq ft and had 20 tenants producing an income of £1.26M pa. The site extended to a total area of some 104.5 acres, providing an extremely low density of circa 8% with 25 acres of development land for expansion. Tenants include Balfour Beatty, Babcock Aerospace and Bennington Foods. The sale reflects an initial yield of 9.35 % and the estate was sold to an overseas buyer following interest from other investors and property companies. With 25 acres of development land, negotiations were carried out prior to the sale to increase the existing occupational requirement with new build units.
The site showcased land, industrial and office space and with buildings let at just £41.80 per square metre (£4.50 per square foot) – there are undoubted opportunities to enlist further logistics companies looking for good main arterial routes down the A1 corridor and within the Newark and Lincoln area.