Rentokil sells Warrington warehouse
THE Charities Fund has acquired a Warrington warehouse from Rentokil for £4m.
The 69,000 sq ft building at the Appleton Thorn Trading Estate is occupied by delivery firm City Link which has four years left on a 10-year lease.
City Link is paying £4.43/sq ft and the sale represents an initial net yield of 7.2%.
The building has 59,000 sq ft of warehouse and storage space and just over 10,000 sq ft of offices over two floors. The Charities Fund was advised by commercial agent GVA.
Gurminder Manak, an associate in GVA’s investment team in Manchester, said: “We have seen strong interest in distribution and warehouse facilities from investors as the amount of consumer goods and industrial products moved in the region continues to increase rapidly.
“The location of the property at the Appleton Thorn Trading Estate provides quick access to all points in the country – our client understands the advantages the site provides tenants and we are confident that the investment will perform strongly.”
JLL acted for the vendors.
