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St. Modwen has completed the sale and leaseback of Barming Depot, between Aylesford and Maidstone in Kent, at a price of £6.2m at a net initial yield 7.54%.

The vendor, DHL Supply Chain Limited, has taken a 10 year lease at a rent of £511,000 per annum.

The 10.5 acre site adjoins the mainline station in Barming, a well connected location with a direct route to London’s Victoria Station and south to Ashford.

The site has potential for future residential development and has been submitted as part of the Strategic Housing Land Availability Assessments for the Borough of Tonbridge and Malling’s emerging Local Plan.

Nick Kay, Development Director at St. Modwen added: “This acquisition continues our strategy of acquiring solid income producing assets with a potential to convert added value through redevelopment.”

”We have a secure occupier in DHL which builds upon our regional income-producing portfolio.

“At the same time, the site holds opportunities to add significant long-term value through redevelopment, offering an excellent location with strong connections to Maidstone and the wider region.”

The site was introduced to St. Modwen by Ed Cornwell of BNP Paribas.