AB Inbev, Chiltern Park, Boscombe Road, Dunstable, LU5 4LT
Franck-Steier Price has recently completed the sale of an industrial investment on behalf of IM Properties.
The property is located on Chiltern Park, adjacent to Prologis Park Dunstable where Prologis are about to start speculative construction of a new 265,000 sq.ft distribution warehouse.
The unit totals 113,888 sq.ft and benefits from an eaves height of 11 metres and has 6 dock level and 2 level access loading doors. There are hours of use restrictions on the the unit which prohibits use of the unit by HGV’s outside normal hours of working.
The property is let to let to AB InBev UK Ltd pursuant to an overriding lease for a term starting on 21st June 2010 and expiring on 26th June 2017. The current passing rent is £698,000 per annum (£6.13 per sq.ft).
The investment was sold for £6,944,500, which reflects a net initial yield of 9.50%.
The purchaser was Threadneedle UK Property Unit Trust and was represented by Cortex Partners.
Franck-Steier Price represented the vendors IM Properties.