SEP Industrial Holdings has agreed the sale and leaseback of its 10,312 sq m (111,000 sq ft) purpose-built Staffordshire headquarters and distribution centre for £4.85m to the British Gas Corporation Pension Scheme (BGCPS). The deal yields an initial 8.5%.
The automotive components manufacturer’s HQ is on the Stone Business Park, Opal Way in Stone. The company has signed up for a 25-year lease at a starting rent of £428,000 pa. This rises to a minimum of £500,000 pa or open market value at the first review, with five-yearly upward-only rent reviews thereafter.
DTZ Debenham Thorpe represented the British Gas Corporation Pension Scheme while Strutt & Parker advised SEP Industrial Holdings.
EGi News 29/04/96
