30 June 2014
Custodian REIT acquires two industrial units in Liverpool
Custodian REIT has acquired two modern industrial units on the 100 acre Estuary Commerce Park, Speke, Liverpool. The modern business park is situated next to Liverpool John Lennon International Airport and occupiers include Lloyds Banking Group, Johnson Controls, National Blood Service, Kier, Shop Direct Group and David Lloyd Leisure.
Unit C, Estuary Commerce Park is let to Powder Systems Limited (“PSL”) on a 20 year lease, expiring on 16 July 2020, at a passing rent of £135,500 per annum. The building was purpose-built for PSL with expansion space on site, providing a long-term solution as the business grows.
Unit E, Estuary Commerce Park is let to DHL International (UK) Limited (“DHL”) on a 20 year lease, expiring on 9 July 2020, at a passing rent of £119,239 per annum. DHL has been in occupation since 2000 and elected not to operate its break clause in 2010, showing a commitment to this strategic location.
The purchase consideration of £3.1 million was funded from the Company’s own cash resources and reflected a net initial yield of 7.77%.
“We believe there is a nationwide shortage in the supply of modern industrial units and, with increasing demand, the prospects for rental growth are very real. These two property purchases complement the existing portfolio by adding good quality tenants, lease length and income which will support the long-term, stable income return target of the fund.”
For more information, please visit Custodian REIT’s property portfolio.
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