Joint buyers, Barwood Developments Limited and JP Morgan Asset
Managers, have purchased the 72 acre Wellesbourne Distribution Park
in Warwickshire for circa £21m, reflecting a net initial
yield of circa 10 per cent.
Comprising 752,334 sq ft of industrial and warehouse
accommodation, the range of units are currently let to 12 tenants
including Amethyst Group Limited, CEVA Logistics, Ford Retail Ltd,
National Farmers Union Mutual Insurance Society Ltd and Geberit
Sales Ltd, with a total passing rent of £2.3m.
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. Situated in a popular location, the site enjoys a highly
accessible position, being within close proximity to J15 of the
M40, which is an important route for national and regional
distribution operators.
"There are no other industrial estates along the entire M40 with
comparable accessibility that offer this type of space and
consequently there was a very high level of interest in the
development from vying purchasers. 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."
Individual unit sizes at Wellesbourne Distribution Park range
from 361 sq ft to 106,383 sq ft, and there are various secure
hard-surface compounds extending in total to approximately 21.5
acres. Combinations of adjacent units can accommodate tenant
requirements of up to 161,941 sq ft.
Wellesbourne Distribution Park is situated to the west of
Wellesbourne and benefits from extensive frontage of the A429,
which provides direct access to Junction 15 of the M40 motorway.
Almost 90 per cent of the UK's population is accessible by HGV
within a five hour drive.
Since its inception in 1996, Northampton-based Barwood
Developments Limited has invested in over eight million sq ft of
industrial distribution, offices, leisure and retail warehousing
accommodation.
JP Morgan is a leading asset manager for institutions,
individuals and financial intermediaries worldwide.
Fletcher King and Awbery Morris advised the purchaser.