Crosslink 646, Rothley Lodge Commercial Park, Leicester, LE7 7NL
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Atlas Real Estate have recently completed the acquisition of two primes distribution units in Leicester on behalf of LondonMetric Property Plc following completion of the development.
The property is located on Rothley Lodge Commercial Park, which is located on A6 dual carriageway six miles to the north of Leicester city centre. The property has excellent link via A6 and A46 to J21a of M1 eight miles to the south-west.
The property comprises two newly completed distribution units that have been constructed to a high specification. The units extend to 90,000 sq.ft and 35,048 sq ft respectively and have been constructed to an EPC A rating and a BREEAM rating of Very Good.
Both units are let to East Midlands Pharma Ltd, with guarantee from Day Lewis Plc, for a term of 15 years, without break. The commencing rent is £893,617 per annum which reflects a low rent of £7.15 per sq.ft. The leases are subject to five yearly upward only reviews to RPI collared at 2% and capped at 4% per annum compounded.
The property was acquired for £19,100,000 which reflects a net initial yield of 4.50% and a capital value of £152 per sq.ft.
The property was developed by Rotherhill Developments Ltd, represented by FHP.
