LONDON-WDG Properties, a subsidiary of Camelia Plc, has sold the freehold interest of Units A-H Beaumont Industrial Estate in Beaumont Road, Banbury, Oxfordshire to Clerical Medical Investment Group for £22.1 million ($38.5 million). The sale represents a yield of 8.25%.

The 460,130 sf development was previously home to the Banbury Tea Warehouses, which were built to store tea. The Camelia Group’s occupation of the warehouses ceased in 1984 and since then they have been let to external tenants. Current tenants are Exel and Decoma Exterior Systems, with approximately 65% of the income secured for more than six years. The net income is £1,929,175 ($3.35 million) per annum, which equates to a low average rent of £4.16 ($7.25) per sf.

Atis Real Weatheralls advised WDG Properties, and director Chris Gilchrist-Fisher said: “This scheme has attracted a strong price because of the strong location and the active management opportunities it presents.”

GVA Grimley acted for Clerical Medical.

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