Capita, acting on behalf of CCLA’s Local Authorities’ Property Fund, has acquired the Royal Mail North West regional distribution centre in Warrington for £7.68m, reflecting a net initial yield of 7.75%.
The property is situated on a large site at Winwick Quay, Warrington’s prime industrial location, and comprises 183,474 sq ft.
It is currently let to Royal Mail Group Limited with over four years unexpired.
Martin Hamer, divisional director, Capita, comments: “This was an excellent acquisition for the client. The property comprises a large distribution facility within Warrington’s prime industrial destination.
“The North West currently has a limited supply of available large units, with strong demand from occupiers. This, combined with significant institutional demand for quality regional assets, means this is an excellent acquisition for our client.”
DTZ acted for the vendor. Simon Lowe, associate director, DTZ, added: “After much competitive interest, we are pleased to have concluded this sale to CCLA, who will be well placed to capitalise on the shortage of good quality, well located distribution space in the market. The price point of this unit arguably offers occupiers one of the best value for money propositions in the North West.”
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