Passport warehouse bought for £8.2m
Real estate investor Oxenwood has acquired the principal UK passport-printing and distribution warehouse in Greater Manchester for £8.2m.
The company has bought Transpennine 200 in Heywood from Curzon Advisers as it continues its current investment focus in the UK logistics sector.
Oxenwood Real Estate has bought the property on behalf of Oxenwood Cataline, a joint venture with Catalina Holdings. The net yield is 7.38%.
The acquisition follows those in December 2016 of two prime logistics facilities in Sheffield and Burton-upon-Trent for a combined £26m.
Transpennine 200, which totals 92,340sq ft, produces 80% of all passports in the UK.
It is let to the Secretary of State for Communities and Local Government until November 2021.
The unit is located next to the established Heywood Distribution Park, with nearby occupiers including DPD Group, Wincanton, Argos, Kuehne & Nagel and Eddie Stobart, and has a site area of 6.3 acres, which reflects a low site density of 33%.
It was purpose built to a very high specification in 2006, benefiting from a minimum eaves height of 8m, two surface-level loading doors and full perimeter fencing.
Oxenwood was advised by DTRE and Curzon Advisers by Lewis Ellis.
Stewart Little, joint chief executive of Oxenwood, said: “We continue to seek assets that are well located and of strategic importance to their occupiers.
“The purchase in Heywood demonstrates both these components and we will work with the tenant to meet their longer-term occupational needs. In the meantime, our investors will benefit from a strong income return from a government tenant.
“With the backing of our investment partners, we have substantial firepower and a pipeline of attractive opportunities.”
