Property overview

Boden, Unit 19 Meridian Business Park, Leicester, LE19 1PX

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£3,610,000
Nov 2011

Franck-Steier Price has recently completed the purchase of a prime, modern warehouse investment, in Leicester on behalf of Staffordshire County Council Pension Fund.

The property is prominently located on Meridian Business Park, Leicester.  Meridian Business Park is located immediately adjacent to Junction 21 of the M1 Motorway and its intersection with the M69. Meridian Business Park was developed in the mid 1980’s and is one of Leicester’s leading and most established distribution and mixed use parks.

The building comprises a detached distribution warehouse of 84,089 ft² (7,811 m²) and was constructed in 1988.

The property is let to JP Boden & Co. Ltd, for a term of 10 years from 25th December 2010 with a tenant’s option to break in June 2017.  The passing rent was £380,000 per annum (£4.50 ft²).

The investment was purchased for £3,610,000, which reflected a net initial yield of 9.95%.  Collingwood Rigby advised the vendor, Scottish Widows.