John Lewis warehouse changes hands in £15m deal
PROPERTY group Cordea Savills, represented by Savills and DTZ, has purchased a large warehouse unit in Worcestershire in a deal worth more than £15m.
The company has bought Redd 42, Redditch on behalf of The Charities Property Fund from Terrace Hill for £15.15m.
The industrial warehouse totals 237,919 sq ft (22,103 sq m) and is let to retail group John Lewis Partnership. The retailer pays approximately £1.4m per annum on a lease that expires in 2017.
Andrew Bull, investment director at Savills, said: “Redd 42 represents some of the best industrial property in the West Midlands let to a strong and sought after covenant. It therefore proved a very desirable asset for our client and we are pleased to have secured it for them at a favourable price.”
Terrace Hill was represented by GVA.
