11 Jul 2013
M7 achieves successful auction sales on behalf of VBRi
11th July 2013 – The board of VBRi is pleased to report the successful disposal of 4 small single-let assets totaling 14,437 sq ft at auction (exchanged subject to 8 week completion), for combined sale proceeds of £772,000 (10.22% NIY).
The four single let industrial trade counter units, producing a combined rent of £83,500 per annum, form part of a portfolio of originally 7 units let to Lockwell Electrical Distributors Limited.
This follows a positive asset management strategy where by M7 negotiated lease extensions (to provide 6 years unexpired terms) on 4 of the 7 assets and surrendered a 5th to allow a sale by private treaty (currently under offer).
M7 asset manager Nick Freeborn commented that “the sales achieved our return requirements following an asset management strategy of improving the tenure of the units.”
VBRi hopes to report further updates shortly.