Former Lloyds Pharmacy distribution hub sold in £1.5m deal

A former distribution centre in Warwickshire has been sold in a deal worth £1.5m.

Phonenix House in Atherstone was previously used by Lloyds Pharmacy. The 28,937 sq ft unit has been sold by Knight Frank on behalf of a private client.

The property was bought immediately after Lloyds Pharmacy vacated the building.

It has been acquired by Lloyd Pascal, which designs and imports homeware and furniture into the UK.

James Clements, an associate in Knight Frank’s Birmingham office, said: “We are pleased to have assisted in the sale of this property. There is currently limited supply in the Midlands industrial market, which is compounded by a large amount of active demand.

“Property void periods are reducing, this is the second transaction in as many months we have dealt with where the owner has enjoyed no vacant holding costs.”

The firm said it was receiving many inquiries regarding freehold opportunities in the area.

BNP Paribas Real Estate acted for the purchaser.