St Modwen has sold a speculatively built warehouse at its Centurion Park logistics and distribution hub in Tamworth, Staffordshire, to Limes Developments.
The newly built warehouse has sold for over £5.1m, reflecting a net initial yield of 5.75%
The unit has been prelet to DFS, at a rent of £314,255 pa. The furniture giant will use the warehouse to serve its Midlands customer base.
St Modwen is now pushing ahead with the next 150,000 sq ft unit at the site, having secured planning consent last year.
Jonathan Green, senior development surveyor at St Modwen, said: “We built the new unit in response to the need for high quality warehouse space in an accessible, prime location. Selling the warehouse and securing an occupier like DFS before construction has completed is testament to that decision.”
Centurion Park sits next to junction 10 of the M42,and is fully occupied. Existing tenants include AAH Pharmaceuticals and Speedy Hire.
WSB Property Consultants advised St Modwen. Limes was represented by Shuttleworth Real Estate. Savills and BNP Paribas are letting agents.
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