Old Tea Factory bought for £10.4m
A former tea factory in Crewe has been acquired by the AEW UK Core Property Fund for £10.4m.
The Old Tea Factory on a prominent site fronting Weston Road near the town’s railway station is divided into two warehouse units which are multi-let to Bargain Booze and Brightstar 20:20.
AEW’s top performing AEW UK Core Property Fund, which owns a diversified portfolio of 70 property assets, is pleased to announce its latest acquisition, a former tea factory located in Crewe, Cheshire, for £10.4m. The property reflects a net initial yield of 9.7% and has a weighted average unexpired lease term of 4.6 years to expiry.
The 345,563sq ft asset comprises two warehouse units which are multi-let to Bargain Booze Limited and Brightstar20:20 Limited. The Old Tea Factory occupies a prominent site fronting Weston Road (A532), very close to Crewe Railway station.
This latest acquisition follows recent purchases of warehouse units in Walsall and a former cinema in Uxbridge for a total of £6.1m.