Leopard Capital, the property investment fund, has completed the off-market sale of the Booker Cash & Carry warehouse, Canal Industrial Estate, Trowbridge for £3,250,000, reflecting a Net Initial Yield of 5.59%. Leopard Capital acquired the asset in 2018 for £2,385,000.

The asset totals 35,527 sq ft GIA and is let for a further 2.5 years to earliest expiry. The passing rent reflects £5.45 per sq ft.

Leopard Capital, founded by Alex Fordyce in 2017, focuses on industrial and distribution assets across the South of England. The fund is now looking to deploy the proceeds of the sale into opportunistic assets, in line with their ongoing strategy to acquire well-located industrial properties with strong growth prospects.

Alex Fordyce, Managing Director of Leopard Capital, commented: “This asset delivered a total return of 28.6% pa which we were delighted with and aligned with our initial business plan. We continue to search for more opportunities.”

Will Gubb, Partner at Knight Frank, said “This transaction shows that there is still liquidity for smaller lot-size assets with sound fundamentals that are let to strong covenants, despite some of the current market headwinds. The industrial occupational market remains robust, underpinned by favourable long-term structural trends resulting in sustained rental growth in well-located sub-markets across the UK.”

Knight Frank advised Leopard Capital on the sale.