Acting on behalf of Pemberstone & Blue Marble Asset Management Franck-Steier Price has acquired two distribution units totalling over 61,000 sqft in Nottingham in an off-market deal.
Units 1 and 2 Birch Park, Giltbrook, Nottingham were acquired from a private vendor at a price reflecting a net initial yield of 6.5%.
The properties are modern detached distribution units located fronting the main A610 and close to the popular Giltbrook Retail Park. Junction 26 of the M1 motorway is just over 2.5 miles to the east.
Both units are let to a subsidiary of Travis Perkins until 2028 following the 2008 acquisition of the original business, Birchwood Group, which had initially constructed the buildings for its own occupation.
Tim Matthews of Blue Marble Asset Management said “we are extremely pleased to have secured this acquisition which will undoubtedly prove to be a strong performer within our client’s portfolio. The purchase is particularly satisfying given the strong demand prevailing in the commercial property investment market, particularly for good quality, well located, industrial and distribution units such as those at Birch Park.”
NG Chartered Surveyors acted for the vendor.