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LONDON- Easter Development Group and Capital & Regional have sold the 105,000-sf Easter Park industrial estate at Lenton Lane, Nottingham to Liverpool Victoria Asset Management for £7 million ($11 million). The purchase price reflects a net initial yield of 7.78%.

The 5.69 acre site is let to a number of tenants including subsidiaries of Scottish Power, Cable & Wireless, Heckler and Koch and BSS Group, producing Liverpool Victoria is also financing construction of the second phase, which includes a 30,000-sf unit pre-let to Reydon Sports and two speculative units totalling 35,000 sf, one of which is under offer.

Fuller Peiser advised the purchaser and partner David Allen said: “Easter Park is the latest industrial estate completed in Nottingham which currently has a shortage of industrial land and buildings. The acquisition offers very good prospects for both rental and capital growth.”

The vendors were represented by Hoddell Stotesbury Morgan. Letting agents for the scheme are Fisher Hargreaves Proctor and Innes England.

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