UK commercial property specialist Leftfield has bought a prime Oxfordshire warehouse in a sale-and-leaseback deal with motorsport and advanced engineering group Prodrive for £15.2m, reflecting a net initial yield of 5.59%.
Located on the Central M40 industrial estate, 1.5 miles from Banbury, the warehouse has strong transport links including direct access to the M40 motorway at Junction 11. The 128,046 sq ft unit was built in 2015, with three-storey ancillary offices. It has an EPC rating of A, BREEAM Very Good certification and solar roof panels.
The property is situated in the heart of “Motorsport Valley” and was bought via a sale and leaseback to Prodrive Motorsport on a new 25-year lease, providing a long-term income stream from a well-established tenant. Leftfield also extended the long leasehold interest from 125 years to 999 years during the transaction.
Nico Fourie, chief executive of Leftfield Advisors, said: “Leftfield remains a conviction buyer within the UK industrial and logistics warehouse sector. We are delighted with this addition of another high-specification, prime industrial warehouse to the Leftfield Fund III portfolio. The future-proofed unit is ESG positive, let on a strong covenant and in a key strategic location on the M40.”
CBRE advised Leftfield and Avison Young advised Prodrive.
To send feedback, e-mail julia.cahill@eg.co.uk or tweet @EGJuliaC or @EGPropertyNews
Discover which agents have been most active in the South East industrial market so far this year >>
