Sports Direct Distribution Centre & Torque Logistics, Challenge Way, Martland Park, Wigan, WN5 0LDMake an enquiry
Franck Steier Price has recently completed the acquisition of Sports Directs’ northern distribution centre and another distribution unit let to Torque Logistics for the Fidelity UK Real Estate Fund.
The properties are located on Martland Park, an established distribution park in Wigan, and comprise a 360,000 sq.ft distribution centre and separate office of 45,000 sq.ft which are let to Sports Direct and a 99,000 sq.ft distribution unit let to Torque Logistics. All the buildings were constructed in the late 1990s.
The distribution centre and office are let to Sports Direct by way of a sale and leaseback for a term of 10 years, with a tenant break in the 5th year, at a rent of £1,600,474 per annum. The other distribution unit is let to Torque Logistics on a 10 year term from December 2011 with a tenant break option in December 2016. The current rent is £346,100 per annum.
The purchase price of £21,150,000 reflected a net initial yield of 8.70% after purchaser’s costs of 5.80%.
The vendor Sports Direct who were represented by CBRE.