Mystery NW investor buys Halfords HQ
THE head office and distribution centre of leisure and automotive parts retailer Halfords has been sold to an unnamed North West investor for £21.25m.
The site – which was put up for sale in November – has 357,000 sq ft of warehousing and offices on the 21.15-acre Washford Industrial Estate in Redditch, Worcestershire.
Halfords holds a 25-year lease with 15 years unexpired.
The premises produce an annual rent of around £1.7m which is set to rise to £1.9m in March.
The Manchester office of Sanderson Weatherall sold the site on behalf of insolvency specialist Duff & Phelps which had been appointed to the Brightside Property Limited portfolio.
It said the deal represented a net initial yield of 7.19%, increasing to 7.94% after the rent rise.
Partner David Murray said: “This was an extremely rare opportunity to acquire such a high profile occupier. Halfords is a leading UK retailer with an iconic brand and offering a substantial HQ building on institutional lease terms.
“This is without doubt one of the most significant investment sales outside of London. We expected and got high levels of interest from domestic and international investors and are delighted to have sold on to a blue chip investor.”
The property – which had a guide price of £22.5m – was subject to a sale and leaseback by the retailer in March 2004. The buyer was represented by Craig Barton, an investment director at DTZ in Manchester.
