Specialist commercial property investor Deekay has acquired the 34,000 sq ft UK headquarters of workplace services group PHS in a £3.6m sale and lease-back.
PHS has taken a 25 year lease with fixed uplifts throughout the term on the property which is located at the Western Road Industrial Estate, Caerphilly. The purchase price of £3.6m reflects a net initial yield of 7.20%.
Blue Property Consultants and Gerald Eve represented Deekay. Birmingham-based investment surveyor Paul Hanley who advised said: “This is the third sale-and-leaseback Deekay has transacted with PHS. This deal reflects continued demand for well let properties, with strong covenants and fixed uplifts.”
Savills acted on behalf of PHS.