93,000 sq ft warehouse in Leicester sold

A 93,000 sq ft distribution warehouse at Grove Business Park in Leicester has been acquired by Wesleyan Assurance Society for an undisclosed sum.

The unit is let to fashion retailer White Stuff until 2028 at an annual rent of £706,276.

MK2 Real Estate, acting on behalf of Royal London Asset Management Property sold the warehouse, with instructions to market the property for offers over £11m.

Mark Rooke, director of MK2 Real Estate’s investment team, said: “We are pleased to have concluded the sale of Unit 21 to Wesleyan Assurance Society, on behalf of Royal London Asset Management Property.

“The industrial and distribution market in Leicestershire has proven to be a strong performer over recent years, with rental growth above the national industry average. Coupled with high levels of demand for space in the region and a shortage of available and pipeline industrial stock, the investment fundamentals are compelling.”

Joe Curlett, head of property at Wesleyan Assurance Society, said: “The acquisition of Unit 21, Grove Park, Leicester, is a great addition to Wesleyan’s growing commercial property investment portfolio.”