DHL, West Way, Cotes Park Industrial Estate, Alfreton, DE55 4QJ
Franck Steier Price has recently completed the sale of a single let detached distribution unit on behalf of Orchard Street Investment Management.
The industrial unit was located on an established industrial estate just off the A38 and J28 of the M1. The unit was occupied by DHL who were running a national NHS contract from the property.
The unit extended to 136,383 sqft with an additional 31,571 sqft of tenant’s mezzanine offices and stores. The property was let to Exel Europe Ltd on a 15 year term from October 2006, the tenant had an option to break in October 2016. The current passing rent was £550,000 per annum (£4.03 per sqft).
The purchase price of £6,750,000 reflected a net initial yield of 7.7% after purchaser’s costs of 5.80%.
The property was purchased by Helical Bar who were represented by Tudor Toone.