Off market deal for Lichfield warehouse
A Staffordshire warehouse unit has changed hands in an off market deal for £2.723 million reflecting a net initial yield of 6%.
By Liza Helps Property Editor Logistics Matters
THE PROPERTY, Unit 8 Europa Way in Lichfield, totals 31,686 ft2 and is let to textile manufacturer Riva EL on a five year lease from July 2020 at a passing rent of around £5.15 per ft2. It had previously been part of a portfolio of properties managed by Columbia Threadneedle.
According to Columbia Threadneedle reports the single-storey stand-alone self-contained industrial/distribution unit was constructed in the 1980’s. With the lease coming to an end next year the investment could be considered reversionary – the property sits on a generous plot and could be redeveloped. Prime rents for midbox properties in the area currently stand around £7.75 per ft2.
West Midlands based property consultancy Burley Browne advised the purchaser.
