MEPC has agreed to forward-fund a 36,577 sq m (393,716 sq ft) industrial unit at Pochin’s Midpoint 18 in Middlewich, Cheshire.
Truck maker ERF Holdings has taken a prelet on the unit at £1,579,373 pa (£3.95 per sq ft) for the first five years with no rent free period.
The 25-year lease includes reviews at years five and 10 which are subject to minimum uplifts of 3% pa. The initial yield on completion is 8.2% – equating to an investment of £18.3m.
MEPC director Gavin Davidson said: “This is a strategic acquisition for MEPC. Midpoint 18 is well located for distribution and manufacturing being just off junction 18 of the M6 motorway. It offers an opportunity for further large scale investment by MEPC in the future.”
He added: “The prelet to ERF, which will be one of the largest new facilities to be built for a manufacturer in the region in recent years, has been achieved without any government assistance, grants or other public support.”
Pochin’s Midpoint 18 estate covers over 350 acres and is earmarked for high-quality distribution and manufacturing units.
Waterworths acted for MEPC while GVA Grimley acted for ERF.
EGi News 19/07/99
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