Jaguar Land Rover, Block B, Fort Parkway, Castle Bromwich, B35 7RA
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Atlas Real Estate has recently advised Prologis on the acquisition of the freehold interest in a major strategic part of the JLR Castle Bromwich campus.
The property totals 285,282 sq.ft on a site of 12.33 acres and is let to Jaguar Land Rover Limited on a lease expiring March 2042 at a rent of £1,289,407 per annum. There are five yearly rent reviews in line with CPI subject to a collar of 1% and cap of 4%.
The property was acquired for £20,000,000 which reflects a net initial yield of 6.04% representing a capital value of £70.00 per sq.ft. Commenting on the deal, Andrew Franck-Steier said “We were delighted to have completed on the deal for Prologis on what is generally considered to be a grade A industrial and distribution location with core income.”
Atlas RE acted for the purchaser Prologis. Bampton Satchwell Bull acted for the vendor Block Industrial.
