Trentham Lakes distribution development investment sold for £2.5 m

The newly-constructed 3,450 sq m (37,135 sq ft ) regional distribution centre developed by Stoke-on-Trent Regeneration for Business Express, the Littlewoods-owned home delivery company, at the 400-acre Trentham Lakes, Stoke-on-Trent, has been sold to a private investor for £2.5 million.

Stoke-on-Trent Regeneration Ltd, the joint venture vehicle between St Modwen Properties PLC and Stoke-on-Trent City Council, agreed terms at the beginning of the year to let the building to Littlewoods Ltd on a 15-year lease at a rent of £4.50 per sq ft.

The investment sale represents an initial yield of 6.57 per cent. Business Express is relocating its home shopping delivery service from the Mount Pleasant area of Stoke.

Euan Lindsay of St Modwen said: “The level of interest shown in this investment is demonstrated by the yield achieved. It further underlines the property industry’s increased confidence in the regeneration of the Stoke and North Staffordshire area.”

CB Richard Ellis and Daniel & Hulme acted for Stoke-on-Trent Regeneration. The purchaser was represented by King Sturge.

For further information contact Euan Lindsay on 01782-281844. Issued by Paul Raymer of Howle Chapman Raymer (0121-236-7771)