Refurbished distribution centre snapped up

Colmore Capital has sold its 33,615 sq ft distribution unit Swift 34 in Rugby to Columbia Threadneedle.

The unit was sold in December, taking under a month from initial marketing to exchange.

The initial asking price of £4.6m represented a net initial yield of 5.2%.

The distribution unit, located at Swift Valley Park in Rugby, was originally acquired by Colmore Capital as part of a new joint venture with wealth management firm Mattioli Woods.

In October, Colmore Capital let the unit to sustainable operator Resource Secure Recovery.

Guy Revell, investment associate at Colmore Capital, said: “The sale of the Swift 34 is an excellent step for the business ahead of our original assumptions across all key metrics and we look forward to continuing to work on new opportunities.

“The quick sale of the unit meant our plan for the acquisition, refurbishment and release of the unit was complete in less than 13 months, far ahead of schedule, ensuring our investors could realise their return swiftly. We always undertake extensive pre-acquisition research and due diligence for all new assets, which gave us the insight and confidence in the local occupational market to deliver the right product.

“We are actively seeking other opportunities to acquire similar, well-located properties where we can realise significant value through investment in, and repositioning of, industrial and other commercial asset types.”