Pepper Commercial acting for Westrock Limited has sold 4 units on the Sowton Industrial Estate, Exeter next to junction 30 of the M5 motorway to Exe Investment Limited. 3 of the units are 2 storey office / storage units in a terrace and were constructed around 15 years ago. Occupiers include GV Multi Media, Tamar Security and Exclusive Memorabilia. The terrace, which is fully let produced a rental of £36,592 p.a. with a review outstanding comprises 530.74 sq.m. (5,716 sq.ft.). Unit 4 in the front phase was also included; this is currently vacant and comprises 432.54 sq.m. (4,656 sq.ft.). The unit is to let at present for £21,000 p.a.
The investment was sold off an asking price of £525,000, Unit 4 was also on the market at the time for £280,000. The strong interest shown in the investment came from both investors and owner occupiers looking for a high return industrial investment with proven return. Pepper Commercial are also offering 1 – 5 Elm Units at Marsh Barton which shows a return of 8.53% net of purchase costs and an asking price of £770,000 plus VAT
Exe Investment Limited represented themselves in the transactions and are active in the market looking at other opportunities within the locality.