LondonMetric Property has bought a distribution warehouse in Stevenage, Hertfordshire, for £7.3m – a yield of 6.25%.
The 74,000 sq ft Last Mile shed is let to Dixons Carphone for a further nine years at a rent of £6.50 per sq ft with a break option in four years.
Andrew Jones, chief executive at LondonMetric, said: “We continue to see superior value within the distribution sector where organic rental growth will exceed most other property sectors and this purchase offers strong reversionary potential.”
LondonMetric was advised by Franck-Steier Price Property.
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