Property overview

Atlas Real Estate has recently acted on behalf of Seven Capital on the disposal of Seven60 at Pineham. The 63,484 sq. ft. building was sold to Kennedy Wilson, represented by DTRE, for £11,000,000 reflecting a net initial yield of 3.75%.

The property, developed by Seven Capital, is let to HellermannTyton Group, a global manufacturer of cable management products, on a new 10-year lease without break.  The lease is held on FRI terms subject to 5 yearly upward only reviews to the higher of OMV or RPI collared at 1% and capped at 3% per annum compounded.  The commencing rent is £441,214 per annum reflecting £6.95 per sq.ft.

Commenting on the deal Ben Blackwall said, “The sale of this prime logistics asset righty generated strong competition from a number of UK Institutions and overseas investors, with the final sale price achieved significantly ahead of the original quote.  The sale concludes a very successful exit from this development for Seven Capital, which was the company’s first logistics development.’