23 June 2014
Custodian REIT purchase parcel depot in Nuneaton
Custodian REIT has acquired a parcel distribution depot on Bermuda Park, Nuneaton. The 37,000 sq ft specialist parcel depot benefits from 38 cross-docked loading doors on a site of 3.26 acres, which represents a very low site cover. Other occupiers on the 200 acre Bermuda Park include Norbert Dentressangle, Bestway, Booker, MAN Central, Kelvatek and Screwfix.
The property is let to DX Network Services Limited (“DX”) on a 15 year lease, expiring on 31 August 2016, at a passing rent of £242,000 per annum, reflecting a net initial yield of 7.75%. The purchase consideration of £2.951 million was funded from the Company’s own cash resources.
Commenting on the acquisition, Richard Shepherd-Cross, Managing Director of (Custodian REIT’s external fund manager), said:
“We understand the UK has one of the largest online retail markets in the world. A network of well located, appropriately designed distribution depots is an essential part of the success of online retailing. The DX unit on Bermuda Park, Nuneaton comprises a bespoke parcel depot, located in the heart of one of the principal distribution locations in the UK. We believe tenant demand for this specialist building will drive long-term performance and continue to meet the income requirements of the fund.”
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