Custodian Property Income REIT has sold a petrol filling station in Gillingham to a private investor for £3.75m in a deal representing an 8% premium to the 30 June 2026 book valuation.
The property, which is located on Beechings Way, is let to a single tenant and generates an annual passing rent of £300,000.
Custodian Property Income REIT seeks to deliver a strong income return by investing in a diversified portfolio of smaller, UK regional properties with strong income characteristics
Richard Shepherd-Cross, managing director of Custodian Capital, said: “While this property has provided a strong level of income over almost 12 years of ownership, having identified a special purchaser, we feel this is the right moment to crystallise an 8% premium to valuation, demonstrating our continued ability to complete sales above book value. We expect to use the sale proceeds to fund accretive capital expenditure, which aligns with our strategy of providing shareholders with strong income returns.”
