Gazeley Properties has sold a warehouse at Punchbowl Park in Hemel Hempstead, Hertfordshire, to Royal & SunAlliance (RSA) for £14m at a 6.5% yield.
Scottish & Newcastles (S&N) wine and spirits distributor Waverley has signed a 15-year lease at the 12,077 sq m (130,000sqft) shed at a rent of over £80 per sq m (£7.43 per sq ft) and will join Wickes at the 5.25ha (13-acre) scheme.
Gazeley director Peter Gomersall said: “This deal confirms the view of property analysts who regard industrial and distribution as the strongest performing sector in property at present. The money raised from investment sales will fund our expanding development programme.”
RSA property investment manager Mark Ashton said: “This satisfies our desire for well-located modern stock with growth opportunities. We know this market well following our acquisition and subsequent letting of the Boundary Way Park last year.”
Lambert Smith Hampton represented Gazeley with Knight Frank advising RSA. Montagu Evans advised Scottish & Newcastle.
EGi News 20/11/00
