DC 1-2 & 3, Prologis Park, Stoke on Trent, ST4 4FAMake an enquiry
Acting on behalf of Tritax Big Box REIT PLC, Franck-Steier Price have completed the acquisition of two prime, single let industrial units located at Prologis Park, Stoke-on-Trent.
The area is an established distribution location that has attracted major occupiers including Amazon, Michelin, New Look, Sainsbury’s and TK Maxx. This core M6 logistics location has excellent connectivity to the motorway for access to both Birmingham and Manchester.
The units were developed between 2004 and 2010 by Prologis and provide high specification national distribution centres for the tenants, Dunelm Soft Furnishings and M&S, with both units benefitting from significant capital expenditure by the tenants.
DC1 / 2 are two interconnected buildings with a combined gross internal floor area of 503,389 sq ft and are let to Dunelm (Soft Furnishings) Ltd with approximately 3 years unexpired. The passing rent reflects excellent future reversion being let off £4.56 per sq ft.
DC 3 is let to M&S PLC and extends to 382,594 sq ft. The units is a central part of M&S’s logistics chain and is let for a further 8.5 years with a review or break in 3.5 years. The passing rent reflects £5.24 per sq ft.
The investment was purchased for £78.5m reflecting a combined net initial yield of 5.15%. ProLogis European Finance XI Sarl were the vendor.