A 72-ACRE logistics hub in Warwickshire has been sold for around £28m less than it was bought for three years ago.
Northampton-based Barwood Developments, backed by global financial company JP Morgan Asset Managers, has paid circa £21m for Wellesbourne Distribution Park, near Stratford.
London-based plc Resolution Property bought the site in spring 2008 for £49m but property consultancy GVA was appointed LPA receiver earlier this year by Resolution’s lender Lloyds.
There are 12 tenants, including CEVA Logistics and the National Farmers Union Mutual Insurance Society, with a total rent of around £2.3m, representing a net initial yield of circa 10%.
The park has 752,334 sq ft of industrial and warehouse accommodation, with the biggest unit at just over 106,000 sq ft.
Chartered surveyors Fletcher King and property advisors Awbery Morris, both based in London, advised the purchasers while GVA advised the seller.
You could be missing out on BREAKING NEWS ALERTS if you haven’t signed up for our daily or weekly emails. Check your settings here.
Click here to sign up to receive our new South West business news...
