Property overview

Bunzl Unit, Unit 1 Willowbridge Way, Whitwood, Castleford, WF10 5NP

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May 2014

Franck Steier Price has recently completed the acquisition of a modern warehouse unit on behalf of Custodian REIT Plc.  This was the REIT’s first purchase after listing on the London Stock Exchange in April 2014.

The property is located on Willowbridge Way in Castleford under a mile from J31 of the M62 and a close proximity to Wakefield Europort.  The property comprises a 2006 build distribution warehouse of 25,223 sq.ft.

The property is let to Bunzl UK Ltd for a term of 15 years from August 2008 at a current rent of £125,000 per annum.  The lease is held on full repairing and insuring terms subject to 5 yearly reviews to open market value.  The tenant has an option to break the lease is August 2008 subject to 9 months written notice. 

The purchase price of £1,575,000 reflected a net initial yield of 7.50% after purchaser’s costs of 5.80%.

The vendor was a private investor represented by GVA.