Developer Robert Hitchins Ltd has sold a new industrial unit in Stonehouse, Stroud to private investors for more than £3.7 million, reflecting a net initial yield of 5.43%.
The purchasers of Unit 1 at Stroudwater 13 are UK-based Rushmire Ltd.
The 22,523 sq ft facility was built speculatively in 2023 by Robert Hitchins Ltd on a self-contained 1.4 acre site at the entrance to the new £12m first phase of its Stroudwater 13 scheme, alongside Stroudwater Business Park in Stonehouse.
A spokesperson for Rushmire Ltd said: “We were particularly attracted to this property being modern and built to a high standard. Having a 10-year lease already in place to a company with a strong covenant meant that the decision to buy was a no-brainer. We are looking forward to working with Robert Hitchins again in the future.”
Robert Hitchins let the building to Loudspeaker Technology Limited, globally renowned manufacturers of high-performance audio equipment to the music industry, on a 10-year lease in October last year.
The investment sale to Rushmire brings to completion the first phase of the scheme which also included the relocation of pharmaceutical company Greiner Bio-One from existing premises in Stonehouse, subsequently refurbished and sold by Robert Hitchins, into a new multi-million pound, 53,500 sq ft UK HQ developed by the company at Stroudwater 13 in 2023.
Senior Development Manager at Robert Hitchins, Mike Plimmer, said: “This is a fantastic milestone to reach and a testament to the great occupier and investment interest in new-build industrial warehousing in the area.
“Unit 1 is a highly-prominent, modern and sustainable building let to a strong regional company with international reach on a long-term lease which is a great investment product and we are delighted with the off-market sale to Rushmire Ltd.
“It’s been a fantastic effort by the whole team to bring forward this investment in Stonehouse from inception through land acquisition, planning, development, letting agreements and sale.”
The agents were Alder King. Partner Oli Stretton said: “We’re delighted to have played our part. It’s a fantastic outcome which underscores our view about the strength of the market for high-quality industrial development of this nature. Unit 1 is terrific space in a market starved of new stock. New opportunities like this are few and far between.”
Stroudwater 13 forms part of the employment allocation for Robert Hitchins’ wider Great Oldbury urban extension at Stonehouse which also includes 1,300 homes, a primary school, local centre and extensive sports and community facilities.
It is close to J13 of the M5 and adjoins Stroudwater Business Park occupied by multinational companies including Renishaw, Schlumberger and Muller.
Robert Hitchins, based at Boddington in Gloucestershire, is one of the leading property developers and investors in the South West and South Wales. It provides the full development process from site acquisition and planning through to development and investment.
