Acting on behalf of private investors Monk & Partners have completed the letting of 1 Cadleigh Close, Lee Mill Industrial Estate near Ivybridge.
The unit became available back in April this year following a long term tenant , a local vehicle recovery company finding it surplus to their needs.
Once back in possession the property owner carried out some refurbishment works to the property including recoating the cladding and various other repairs following which Monk & Partners marketed the unit to let. There was a good level of interest in the unit which provided 660 sq m (7100 sq ft) of floor space (including mezzanine). Marketing yielded a number of enquiries and viewings particularly as it has a good sized secure yard to the rear and this culminated with a letting to Clear Channel Ltd a leading out of home media company. They have taken a lease for a term of 15 years with a tenant break at the tenth year.
John Slade of Monk & Partners comments the previous tenants were in the unit on a loose agreement and paying a low rental. We advised our client that the unit was capable of commanding a substantially higher rental than the previous tenant was paying and the market was buoyant. Upon the previous tenant vacating we were pleased to be able market the unit with only a short void securing Clear Channel to replace them on a more secure lease agreement making for a better quality property investment with a greater return for the client.