G Park unit in Liverpool sold for £13.3m
F&C Commercial Property Trust has bought a 360,309 sq ft warehouse at the G Park site in Liverpool for £13.3m.
Unit 1, which is occupied by Exel Europe on a ten-year lease which begin in March, attracts a rent of £4 per sq ft (or £1.44m a year) but has a three-year rent-free period until July 2014.
The purchase price of £13.3 million reflects a yield of 10.25% when income producing and equates to a capital value of £36 per sq ft, which F&C said was “low in comparison to land acquisition and construction costs”.
“This acquisition provides the company with an extremely well specified building, a secure tenant off a low rent, a ‘store of value’ for the future and an attractive income return upon expiry of the rent-free period,” it added.
G Park was developed by Gazeley, which put the park up for sale in September as part of a £100m portfolio which also includes units in Rugeley in Staffordshire and at Hemel Hempstead.
