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Prime Industrial Investment in Gloucester Sold

22 July, 2010

Acting on behalf of Canada Life, Hartnell Taylor Cook LLP's investment team has sold the freehold interest of Barnwood 3 and 4, Gloucester, for £2,735,000.

The freehold investment comprises two adjoining modern industrial units located on the established and fully let Barnwood Estate which is situated a short distance from Junction 11a of the M5 Motorway. The units which total 39,040 sq ft on a site area of 1.75 acres, are let to Cheltenham & Gloucester Plc for a term expiring September 2016.

The investment produces a net income of £224,170 per annum.

Cheltenham & Gloucester Plc occupy a number of units on the Barnwood Estate, including their headquarters building, which is located at the entrance to the Estate.

The property has been purchased by CB Richard Ellis Investors and were advised by BNP Paribas Real Estate.

The transaction reflects a net initial yield of 7.75%