16 June 2014
Custodian REIT boost property portfolio with distribution warehouse
The company has acquired a modern distribution warehouse on the south side of Biggleswade, adjacent to the A1 on the busy Stratton Business Park. The property comprises a 49,919 sq ft distribution warehouse, with 10 metre eaves, on a 2.87 acre site. Other occupiers on the 48 acre business park include Bibby Distribution, iCandy, Jordans, Kramp and Liebherr.
The property is let to Turpin Distribution Services Limited. Turpin has been a tenant since the building was constructed in 2004 and has just agreed a new five year lease expiring on 24 March 2019. The property is let at a passing rent of £300,000 per annum, reflecting a net initial yield of 7.5%. The purchase consideration of £3.785 million was funded from the company’s own cash resources.
“This modern distribution warehouse, in a strategic location, offers a high-specification warehouse to its tenant and in return should generate stable, long-term income for Custodian REIT and support the target return.”
For more information on Custodian REIT’s properties, please take a look at their diversified portfolio.
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