St. Modwen has soldthe new warehouse it speculatively built at the popular Centurion Park logistics and distribution hub in Tamworth, for over £5.1 million.
The UK’s leading regeneration specialist completed the sale to Limes Developments Limited on the 53,000 sq ft warehouse for £5,130,000, reflecting a net initial yield of 5.75 per cent.
The unit is let to national brand DFS, at a rent of £314,255 per annum. The furniture giant will use the warehouse to facilitate the delivery of orders to its Midlands customer base, creating up to 40 jobs.
St. Modwen will now be pushing ahead with the delivery of the next 150,000 sq ft unit at the site, having secured planning consent last year.
Jonathan Green,senior development surveyor at St. Modwen, said: “We built the new unit in response to the need for high quality warehouse space in an accessible, prime location. Selling the warehouse and securing an occupier like DFS before construction has completed is testament to that decision.
“In fact, such is the interest that has been shown in this extra space at Centurion Park, we are now planning to build a further 150,000 sq ft unit shortly, bringing up to 200 more jobs to the area.”
Centurion Park is situated adjacent to junction 10 of the M42, one of the Midland’s most sought after locations for warehouse and distribution operators. The fully occupied park boasts a high profile occupier line up including AAH Pharmaceuticals and Speedy Hire.
St. Modwen was represented by WSB Property Consultants LLP. Limes was represented by Shuttleworth Real Estate.
St. Modwen secured consent from North Warwickshire Borough Council last July for a 200,000 sq ft extension at Centurion Park.
Interested parties should contact Savills on 0121 634 8402 or BNP Paribas on 0121 237 1237.