Warehouse has undergone asset management while under ownership of Picton Property Income Limited
Picton Property Income, represented by Colliers International, has sold Unit 3220 on Magna Park Lutterworth to CCLA for £15.9 million, reflecting a net initial yield of 5.78 per cent.
The 159,956 sq ft distribution warehouse is fully let to DHL Supply Chain Ltd until 2024 with a tenant break option in 2022 and generates a passing rent of £980,699 per annum. Magna Park in Leicestershire is within the ‘golden triangle’ for logistics and is a well-established industrial location, home to 24 occupiers including Lidl, Asda, Renault and Eddie Stobart.
Michael Kershaw, director of industrial and logistics investment at Colliers International, commented: “The disposal of the unit at Magna Park is the result of a successful programme of asset management by Picton. Well located and with a strong covenant there was high demand for the asset, as appetite from investors for distribution warehouses continues unabated.”
Joiner Cummins represented CCLA.