Gloucester’s Speedy Hire unit sold to private investor for £1.9 million

Published by

Nicky Godding

City Monument Properties has sold the freehold of the Speedy Hire unit on Gloucester’s Goodridge Trading Estate for £1.9 million, representing a net initial yield of 5.62%.

The industrial unit has been acquired by a private investor represented by Warwick Martel.

The property is let to Speedy Asset Services on a new 10 year lease agreed in March 2019 at a rent of £113,500 per annum.

Located in the established commercial area of Quedgeley, the 18,923 sq ft property occupies a site area of 1.95 acres, giving a very low site cover of 22%. The single storey detached unit includes integral offices, five roller doors and a large surfaced yard to the front and side of the building.

City Monument Properties was advised by Alder King. Lucy Costain, associate in Alder King’s investment team, said: “Demand for good quality investment opportunities across the South West remains high, with activity only constrained by the limited number of opportunities coming to market.

“This disposal was timed to capitalise on the particular demand for industrial assets with long-term income potential, and with the benefit of a new 10 year lease agreed in March, we were able to dispose of this low-density property for a price in excess of the guide price.”

Nicky Godding

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe. After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts. She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.