The property is let to Royal Mail Group ltd on full repairing and insuring terms for a lease of 15 years at a rent of £1,205,095 per annum,
Located in Plymouth, the regional mail centre comprises three separate buildings: a purpose-built sorting/delivery office, a call centre, and a vehicle maintenance unit totalling 199,130 sq ft.
The site is situated on Breakwater Industrial Estate.
William Davies at Topland Group said: “This was an excellent sales process and followed our negotiation and re-gear of the Royal Mail lease”
Neil Dovey, head of transactions and capital markets at GVA, added: “The pricing achieved is indicative of the level of demand for long term secure income streams, particularly form local authorities, private investors and institutions. We are delighted that Plymouth City Council has acquired this substantial self-contained site which has been a long term strategic facility for the Royal Mail in the south west.”
Topland Group has also last week received planning permission for a 40 home scheme at Bar Hill in Cambridge (pictured). The scheme comprises 27 apartments and 13 houses and Topland is now preparing to build out the scheme.
CGMS and Osborne Clarke advised Topland on planning.
Sol Zakay, chairman of Topland Group, said: “Both these projects demonstrate our ability to asset manage our properties and achieve added value. Our planning consent in Cambridge was achieved on surplus land from one of our hotels which we identified as a value-add opportunity.”
GVA acted on behalf of Topland and Plymouth City Council was advised by JLL.