Argos distribution centre in Stafford sold for £33m

LEGAL & General Investment Management has acquired Argos’ national distribution centre in Acton Gate, Stafford, for £33m.

The price reflects a net initial yield of 6.22% and £69.73 per sq ft.

The 473,222 sq ft unit, built in 1996, is let to Argos until December 2026, at a rent of £2,170,500 per annum, reflecting £4.65 per sq ft.

CBRE advised Legal & General on the off-market purchase from Zaad Property Limited, which was advised by Dimah Capital Investment Company.

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