Redditch warehouse sold in £5.5m deal

LondonMetric has bought a Redditch warehouse in a £5.5m deal.

The newly-developed 46,000 sq ft unit is let at a rent of £300,000 a year to Heartbeat Manufacturing, a manufacturer and distributor of display innovations.

LondonMetric has also bought a 20,000 sq ft warehouse in London for £7.7m.

Andrew Jones, chief executive of LondonMetric, said: “These are high quality urban logistics acquisitions let on long leases with guaranteed rental growth. They are well located, in good geographies where the underlying value of the land significantly underwrites the purchase price.”

LondonMetric was advised by FSP.