Honeywell’s logistics warehouse in Ellesmere Port, Cheshire, has changed hands in an £18.5m deal.
Cabot Properties bought the 210,000 sq ft industrial facility from a UK Pension Fund client, which has owned the building since 2019. At the time, the warehouse transacted for £17.5m, according to Radius data.
The distribution hub has 5.25 years term at a rent reflecting £5.29 per sq ft with an upwards only, open market rent review in November this year.
Michael Williams, director of investments at Cabot, said: “This transaction aligns with our strategy to focus on high-quality, well-located assets in undersupplied regions such as the North West. We remain focused on identifying and acquiring further opportunities across the UK.”
Simon Wood, investment director at B8 Real Estate which advised the vendor, said: “This sale completes a successful business plan for our client, who recently negotiated a re-gear with the tenant. We received very strong interest from a core group of investors, demonstrating that demand remains for well specified assets, let to strong covenants in established industrial locations.”
Logix Property acted for Cabot.
Industrial investment comparables in Merseyside >>
Image © B8 Real Estate
Send feedback to Evelina Grecenko
Follow Estates Gazette
