DTZ flies high with Swallow Gate deal
DTZ Investment Management has acquired Swallow Gate Business Park in Coventry. The deal was struck as part of DTZ's £28.55m purchase of Liverpool Victoria Asset Management's 4x4 Portfolio.
It comprises two estates in Greater London and estates in Warrington and Coventry.
Properties include Swallow Gate Business Park, Five Arches Business Estate, Sidcup, Units 19-23 Mitcham Industrial Estate, Mitcham and Gemini Business Park, Warrington.
In a statement, DTZ Industrial Mangement said: "The estates are located in established industrial areas with an average unexpired term to break or expiry of 6.6 years. There are 43 units in total ranging from 3,000 sq ft up to 32,000 sq ft and, by floor area, the portfolio is 82 per cent let."
The purchase price reflects a net initial yield of 7.58 per cent. Upon letting of the seven vacant units the running yield will rise to 8.8 per cent.
Griffiths Eccles acted for Liverpool Victoria and DTZ acted for DTZ Industrial Management.
