Banks Long & Co secures £900k deal for Peterborough depot

Lincoln-based Banks Long & Co has bought a Peterborough depot for a private client in a deal worth more than £900,000 – reflecting a net initial yield of around 6.67%.

Banks Long & Co bought the 1.76 acre depot investment in Peterborough from Barker Storey Matthews’ Peterborough office, which was acting on behalf of Chancerygate.

The property, at Vicarage Farm Road, Eastern Industry, which has gone to a private pension trust, is currently let for a further 13 years to Cadent Gas Ltd (previously National Grid Gas Distriution Ltd), which has been based on the site since the 1970s.

Barker Storey Matthews Managing Director Steve Hawkins said: “The sale attracted a number of parties and we were able to conclude this, on behalf of our clients, within a relatively short timeframe.”

Chancerygate Asset Manager Victoria Mann said: “The site formed a residual section of a larger site we acquired fronting Padholme Road. It was considered to be surplus to ongoing requirements and we are delighted with the outcome of the marketing campaign.”

Banks Long & Co Managing Director Tim Bradford said: “This investment provides secure long term income, an excellent tenant and a large site which could be put to a variety of uses.

“We are delighted to have secured this deal in the face of strong interest from other parties.”