Acting on behalf of AEW UK Core Property Fund, Franck-Steier Price has recently acquired the freehold interest in the above property.
The property comprises a warehouse originally constructed as a cash & carry in the 1970’s and the tenant Puma has been in occupation for approximately 20 years. The unit lies on a site of 5.59 acres and totals 111,965 sq.ft.
The property is let to Puma United Kingdom Ltd for a term of 10 years with effect from 4th June 2010 (approximately 3 years unexpired) at a current rent of £356,500 per annum.
The purchase price of £3,180,000 reflects a net initial yield of 10.53% and commenting on the deal, Andrew Franck-Steier says “We are delighted to acquire this asset on an off market basis on behalf of AEW at this price given the demand and prices paid for industrial investments in the current climate.’
Savills represented the vendor.