Eddie Stobart Ltd, Blyth Road, Doncaster South, Harworth, DN11 8NE
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Atlas Real Estate has completed the off market acquisition of a prime distribution warehouse in Doncaster South on behalf of EQT Exeter.
The property is located 1.5 miles from Junction 34 of A1(M) and 10 miles south of Doncaster. The property comprises a modern high bay distribution facility, extending to 310,280 sq.ft, on a site of 18.05 acres.
The property is let to Eddie Stobart Ltd on a full repairing and insuring lease from 19 July 2017 and expiring on 28 November 2033, providing an unexpired term of 12.5 years. The lease is subject to five yearly upward only reviews to RPI collared at 1% and capped at 3% per annum compounded. The next review is 19 July 2022.
The current passing rent is £1,460,000 per annum equating to a very low rent of £4.71 per sq.ft.
The property was acquired for £31,235,000 which reflects a net initial yield of 4.38%, reverting to approximately 4.75% at review in July 2022 and 5.12% based on ERV. The capital value was £100.00 per sq.ft.
The property was sold by Legal & General, represented by CPP.
