County Council spends £13.7m on warehouse

Griffen UK Logistics Fund (GULF) has sold an industrial unit on Amber Park, South Normanton Derbyshire County Council for £13.7m.

The warehouse, which was built in 2004 and acquired by GULF in July 2014, comes in at 187,000 sq ft and is currently let to Alloga UK, a specialist healthcare supply chain provider, on a remaining term of eight years.

The deal was brokered by Colliers Capital.

Fund manager at Griffen, Bruce Bailey, said: “Although the GULF strategy is focused on expansion and portfolio growth, the off-market approach from the county council was extremely compelling. The sale provided an excellent opportunity to capitalise on the strong demand for investment grade assets in the current market. We have a good pipeline of acquisition prospects in place and expect to recycle the capital from this sale in support of our growth ambitions.” ​

Colliers Capital was advised by Colliers International.