Aviva Grows Logistics Portfolio at Magna Park, Lutterworth
Property News - On behalf of Aviva Investors, Colliers International have completed on the purchase of a prime distribution investment on Magna Park in Lutterworth, Leicestershire, from Chubb Common Investment Fund (CCIF).
On behalf of Aviva Investors, Colliers International have completed on the purchase of a prime distribution investment on Magna Park in Lutterworth, Leicestershire, from Chubb Common Investment Fund (CCIF).
The 195,000 sq ft distribution facility is let in its entirety to Toyota on a 30 year lease expiring in 2020 at an annual rent of £995,530 per annum.
John Hanson, Director, National Investment, Colliers International, said, “Magna Park Lutterworth is recognised as the UK’s premier distribution park. It’s strategic location in the centre of the Country and excellent access to the national motorway network has attracted a number of key logistics occupiers to the Park. The Park has consistently benefitted from low levels of vacancy and together with high occupier demand for large distribution warehouses, we are extremely confident that this investment will provide future performance for Aviva”.
Magna Park is located in the logistics ‘Golden Triangle’, close to Coventry just one mile from the M1 motorway and four miles from the M6. It is home to nearly 8 million sq ft logistics warehouse space housing 31 units, including high profile occupiers, DHL, ASDA, Costco, Eddie Stobart, BT, Disney, Primark, Argos and Lidl.
Louise Swinden at Aviva Investors, said “We are pleased with the acquisition of this investment, it is well located and provides for future rental growth prospects.”
Aviva Investors was advised by Colliers International. Rapleys advised Chubb Common Investment Fund (CCIF).