DX Distribution Warehouse, Harrington Way, Nuneaton, CV10 7SA
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Franck Steier Price has recently completed the acquisition of a modern warehouse / parcel depot on behalf of Custodian REIT Plc. This was the REIT’s fifth purchase after listing on the London Stock Exchange in April 2014.
The property is located on Bermuda Park, Nuneaton the prime distribution location within the town and in close proximity to the M6 motorway. The property comprises a 2000 built distribution warehouse totalling 36,991 sq.ft and benefits from 38 dock level and 4 level access loading doors to both main elevations on a secure site.
The property is let to DX Network Services Ltd for a term of 15 years with effect from 1st September 2001 at a passing rent of £242,000 per annum. The lease is held on full repairing and insuring terms subject to 5 yearly reviews to open market value.
The tenant has been in occupation of the unit since it was constructed and there is an outstanding rent review effective 1st September 2011 which is due to go to arbitration shortly.
The purchase price of £2,951,000 reflected a net initial yield of 7.75% after purchaser’s costs of 5.80%.
The vendor was Evenacre.
