Berry 185, Droitwich & Crosslink 646, LeicesterMake an enquiry
Atlas Real Estate has recently acted on behalf of LondonMetric Plc on the off-market acquisitions of Berry 185, Droitwich and Crosslink 646, Leicester.
The 9.25-acre site in Droitwich is majority let to Amazon for a term of five years. Amazon has redeveloped the site to provide 7.5 acres of secure van parking including 100 EV charging points. The site supports Amazon’s existing facility on nearby Hampton Lovett Industrial Estate. The remainder of the site is let to three haulage operators on annual licences.
The Leicester asset is a 125,000 sq ft urban logistics forward funding development project at Crosslink 646. It consists of two units and is expected to complete at the start of 2023. The largest unit totalling 90,000 sq. ft. is pre-let to EM Pharma on a new 15-year lease. The smaller 35,000 sq. ft. unit will be developed speculatively and is expected to deliver a yield on cost of around 5%. The property is expected to be certified BREEAM Very Good.
The combined purchase price equates to £28,800,000 and the anticipated blended yield of the assets is 4.50% with a reversionary yield of 5.00%.