Warwickshire site sold for £21m
Barwood Developments and JP Morgan Asset Managers have purchased the 72-acre Wellesbourne Distribution Park in Warwickshire for about £21m.
The site comprises 12 units across 752,334 sq ft of industrial and warehouse accommodation.
Tenants at the park include Amethyst Group, CEVA Logistics, Ford Retail, National Farmers Union Mutual Insurance Society and Geberit Sales. They have a total passing rent of £2.3m.
The purchase price reflects reflecting a net initial yield of about 10 per cent.
Jonathan Hillcox, senior director within GVA’s investment team, which acted on behalf of the seller, said: "Wellesbourne Distribution Park provides a high income yield, backed by good quality tenants, with an average lease length of just under nine years.
"The park offers a range of good quality buildings, but it also has significant development potential, which will enable Barwood and JP Morgan to add value to their new asset."
Since its inception in 1996, Northampton-based Barwood Developments has invested in more than eight million sq ft of industrial distribution, offices, leisure and retail warehousing accommodation.
Fletcher King and Awbery Morris advised the purchaser.
