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Clerical Medical Buys Banbury Industrial Investment

LONDON- Clerical Medical Investment Group has paid pounds 22.1 million ($38.5 million) for a 460,000-sf industrial estate in Beaumont Road, Banbury, Oxfordshire, representing a yield of 8.25%.

By Graham Parker | Updated on December 15, 2003

LONDON-WDG Properties, a subsidiary of Camelia Plc, has sold the freehold interest of Units A-H Beaumont Industrial Estate in Beaumont Road, Banbury, Oxfordshire to Clerical Medical Investment Group for £22.1 million ($38.5 million). The sale represents a yield of 8.25%.

The 460,130 sf development was previously home to the Banbury Tea Warehouses, which were built to store tea. The Camelia Group’s occupation of the warehouses ceased in 1984 and since then they have been let to external tenants. Current tenants are Exel and Decoma Exterior Systems, with approximately 65% of the income secured for more than six years. The net income is £1,929,175 ($3.35 million) per annum, which equates to a low average rent of £4.16 ($7.25) per sf.

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