Franck-Steier Price has recently completed the acquisition of a distribution warehouse let to Superdrug Stores Plc on the established distribution park of Dale Lane Industrial Estate, South Elmsall on behalf of Zurich Assurance.
The property comprises a modern distribution warehouse totalling 288,806 sq.ft on a site of 18.16 acres and is let to Superdrug Stores Plc on a lease expiring 24th December 2025. There is a tenant only break option effective 24th December 2020.
The tenant has been in occupation of the unit since the property was built and it forms a key part of their distribution network.
The current passing rent is £1,000,000 per annum which is considered to be reversionary in the current market.
The property was acquired from London Metric Plc for a price of £15,000,000 which represents a net initial yield of 6.25% after usual purchasers costs.
The vendor was represented by M1 Agency.