What is possibly Cheltenham's biggest business park - home to 20-plus companies - has been sold for a cool £20.5 million.

On the market through Lewis Ellis the 7.9 acre site was for sale at £16,740,000 exclusive of VAT, meaning its achieved its asking price.

According to Lewis Ellis, which was acting on behalf of M&G Real Estate, the Kingsditch Trade Park in Cheltenham has a net initial yield of 5.3 per cent.

Property Week reported the industrial and retail park - home to 28 units - "attracted competitive bids from a number of funds".

It was Legal & General (L&G) that came away with the spoils and now owns the prime slice of Gloucestershire business land.

At the time of going to market Kingsditch had 24 tenants providing a total rental income of £1,161,667 per annum.

Tenants included Screwfix, Magnet, HSS, Brandon Hire, Bensons for Beds, Evans Cycles, Tile Giant and Howden.

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