New Owners To Take On Tokenspire Business Park After £11M Deal

Tokenspire Business Park in Beverley has been sold in a deal worth over £11M. Located on the edge of Beverley Tokenspire Business Park is home to a number of businesses.

The site which covers 320,000 sq was sold by London and Scottish Property Investment Management (LSPIM) on behalf of Regional REIT.

As a result of the sale, the current owners will have made a 30pc profit from the sale. 

Chief executive of LSPIM, Stephen Inglis said;

“This is a further example of achieving excellent results by utilising our unique management platform to undertake a pre-agreed business plan.”

“This has not only achieved increased rental income but also improved the capital value of the asset.

“We have maximised shareholder returns by selling an asset we have completed the business plan on into a competitive attractive market for multi-let industrial properties.”

“We have a very substantial pipeline of acquisition opportunities and we will be recycling the proceeds of this sale into assets.

“This will offer asset management initiatives, rental growth potential and thus higher future returns.”

Industry experts say the sale is good business and reflects a net initial yield of 7 per cent.

In all the business park covers more than 24 acres and comprises of 322,211 sq ft of commercial space. It was originally purchased in March 2016 for £8.5m.

Since it was purchased in 2016, occupancy at Tokenspire Business Park has increased from 73pc to 94pc. Rental income from the park is estimated to worth around £829,000.

There is a number of key businesses who are based at the business park. These include QDOS Entertainment, Sargent Electrical Services and TAPCO Europe.