Pall-Ex Distribution Centre, Victoria Road, Coalville, LE67 1FH
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£16,010,000
Oct 2014
Franck Steier Price has recently completed the acquisition of the Pall-Ex Distribution Centre in Coalville, Leicester, on behalf of Fidelity UK Real Estate Fund.
The property comprises a 2003 built cross-flow distribution centre which was sold by sale and lease back to Pall-Ex Holdings Ltd, guaranteed by Pall-Ex Group Ltd. The property was let for a term of 20 years from completion with five yearly reviews to RPI, collared and capped at 1% and 4% per annum compounded. The commencing rent is £1,116,470 per annum.
The purchase price of £16,010,000 reflected a net initial yield of 6.60% after purchaser’s costs of 6.60%.
Pall-Ex were represented by CBRE.
