Stonehill Partners are very pleased to have advised LaSalle Investment Management on two industrial disposals in Warrington. Press release below;
LaSalle Investment Management has sold two separate industrial holdings in Warrington for a combined price of £13.83m, a blended yield of 4.85% NIY across the assets.
The Enza Building, Leacroft Road
A low site cover warehouse let to a Mercedes Commercial Vehicles franchise (Roanza Limited) for just over five years at a passing rent of £6.57 psf on the unit. Acquired by Portsmouth City Council for £4,925,000 reflecting a 4.75% NIY and a capital value of £129 psf.
Grandstand, Leacroft Road
Two modern self-contained distribution warehouses totalling 80,697 sq ft to let Ceva Freight (UK) Limited and Topgrade Sportswear Limited with a blended term certain of 3.2 years. The average passing rent across both units was £5.76 psf with no further rent reviews until 2021. CCLA acquired the freehold for £8.9 million, reflecting a 4.90% NIY and a capital value of £110 psf.
Tom Hill, Fund Manager at LaSalle Investment Management said: “Following the completion of lease extensions at both properties in Q4 2017, we were pleased to execute disposals at record pricing levels which crystalized strong performance for our pension fund clients.”
Stonehill Partners commented: “LaSalle recently executed key asset management initiatives on both properties, which optimised their saleability as evidenced by the enormous depth of interest these sales attracted. LaSalle’s timing with these sales was excellent given the high demand in the market for regional industrial against a backdrop of very limited stock. We are very pleased to have continued to assist one of our close clients with their sales strategy.”
Stonehill Partners advised LaSalle on both sales; GVA advised Portsmouth City Council on The Enza Building; Gerald Eve advised CCLA on Grandstand.