Franck-Steier Price has recently concluded the acquisition of a new build, prime distribution warehouse investment property on behalf of M&G Real Estate.
The property was constructed by Barberry Developments and completed in November 2019 to a very high specification including 10.2m eaves height, 3 level access and 3 dock level loading doors opening out to a 40m depth secured yard.
The unit totals 65,710 sq.ft on a site of 2.93 acres.
The property is let to Mayflex UK Limited on a new 10 year lease at an initial rent of £448,275 per annum which reflects £6.82 per sq.ft. There is an open market upwards only rent review at year 5.
Commenting on the deal, Andrew Franck-Steier said “We are delighted to have acquired a quietly marketed prime distribution investment for a client we have worked with over the last 11 years”.
The purchase price of £9,000,000 reflects a net intial yield of 4.67%
Savills Birmingham office acted for the developer Barberry Developments.