Picton Property Income, represented by Colliers International, has sold Unit 3220 on Magna Park Lutterworth to CCLA for £15.9 million, reflecting a net initial yield of 5.78%.
The 159,956 sq ft distribution warehouse is fully let to DHL Supply Chain Ltd until 2024 with a tenant break option in 2022 and generates a passing rent of £980,699 per annum. Magna Park in Leicestershire is within the ‘golden triangle’ for logistics and is a well-established industrial location, home to 24 occupiers including Lidl, Asda, Renault and Eddie Stobart.
Michael Kershaw, director of industrial and logistics investment at Colliers International, commented: “The disposal of the unit at Magna Park is the result of a successful programme of asset management by Picton. Well located and with a strong covenant there was high demand for the asset, as appetite from investors for distribution warehouses continues unabated.”