Manchester warehouse sold as part of £39m double deal
LondonMetric Property has snapped up a logistics warehouse in Manchester as part of a £39m double deal.
The firm has bought a 137,000 sq ft urban warehouse for £20.5m subject to practical completion, which is expected next month. It is pre-let at a rent of £900,000 a year to LSE Group Holdings, the largest UK pure play online retailer of home lighting.
Meanwhile, in Oldbury, Birmingham, a recently completed 122,000 sq ft warehouse has been acquired for £18.1m. It i let at a rent of £800,000 a year pa ERIKS, an international industrial service provider. The occupier is consolidating its operations into the warehouse which will act as its UK headquarters and will be fully automated with high-level racking, vertical lift systems and rapid transit conveyors.
The property in Manchester has been acquired from Marshall CDP, a commercial development and construction company, whilst the property in Birmingham was purchased from Opus Land, a leading West Midlands based property development company backed by Fiera Real Estate.
Andrew Jones, chief executive of LondonMetric, said: “Our strong relationships have allowed us to secure two additional high quality assets. These newly built warehouses are fully income generating, well located and let on long leases to established and growing occupiers. They provide guaranteed rental growth, will further improve the quality of our portfolio and allow us to extend both existing and new occupier relationships.”