Acting on behalf of Tungsten Developments, Franck-Steier Price has recently sold the above speculative distribution warehouse to Aberdeen Property Investors.
On completion the property will comprise a very high specification distribution warehouse totalling 128,600 sq.ft. The unit will benefit from 12.5m eaves, 50 metre deep yard, 13 loading doors and will be built to a BREEAM Very Good rating.
The sale price of £12,000,000 represented an effective funding yield of 6.00% assuming a rental value of £6.25 per sq.ft.
Commenting on the deal, Andrew Franck-Steier said ‘The sale was originally agreed at this level prior to the BREXIT announcements and was one of the first speculative funding deals agreed after BREXIT. There is little doubt that on completion it will be one of the best new distribution warehouses in the country.’
Cooper Rose acted for Aberdeen Property Investors.