Castlemore Estates has sold Unit 302 on Relay Park in Tamworth to Royal Liver Assurance within months of buying the shed as part of the £40m Aquis portfolio.
The fund paid £3.35m for the 5,161 sq m (55,554 sq ft) unit which was let to at the end of last year to F X Coughlin. The American forward freight company took a 15 year lease at around £48 per sq m (£4.50 per sq ft). The deal reflects a 7.24% initial yield, against an asking figure of closer to 7.4% or £4m.
Castlemores agent Tim Bowring at Weatherall Green & Smith said: “The interest shown in the property shows just how strong the current demand is for well located, rack-rented investments in this sector.”
EGi News 25/04/97
