Knight Frank sells 240,000 sq ft distribution hub to investor
BIRMINGHAM-based property consultancy Knight Frank has sold a Derbyshire distribution hub for £16.95m.
It has sold XL240 at Tetron Point in Swadlincote on behalf of former owner-occupier SERT-MST to Clipstone Logistics REIT.
The sale price reflects a yield of 6.65%.
The high specification cross-docked distribution hub was recently let to Clipper Logistics on a ten year lease at £1.2m pa reflecting £4.95 per sq ft.
This is Clipstone’s first acquisition since listing on the Channel Islands Stock Exchange in December.
Jonathan Devaney, a partner at Knight Frank, said: “We are delighted to have a achieved such a strong result for our client and are now excited to be working with them in reinvesting the proceeds in a regionally-focused commercial property portfolio with lot sizes between £500k-£5m.”
Sam Pancholi, a partner at Midlands law firm Freeths, acted on behalf of the vendor and said: “We were very pleased to act for established client, SERT-MST Plc, on this substantial investment sale and very much look forward to working with the vendor’s new property investment company going forward.”
BNP Paribas acted for Clipstone Logistics REIT.
