Metalrax Plc, Progress Works, Elm Street, Burnley, BB10 1PB
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Atlas Real Estate has recently completed the purchase of an industrial sale and leaseback on behalf of Johnson and Starley Property Ltd.
The property is located two miles north of Burnley town centre and comprises a manufacturing and warehouse facility totalling 124,786 sq.ft. The warehouse was subject to a large extension in early 2000.
The property is let to Metralrax Housewares Ltd, guaranteed by Metalrax Plc, for a term of 15 years from 17 May 2011. The lease is held on full repairing and insuring terms subject to a schedule of condition. The commencing rent of £200,000 per annum increases annually to RPI with a collar and cap of 2% and 5% per annum.
The investment was acquired for £1,600,000 which reflects a net initial yield of 11.81%. The vendor was represented by GBR Phoenix Beard.
