Staples Unit, Watling Park, Daventry North, Daventry
Franck-Steier Price LLP has recently concluded the sale of this modern distribution warehouse investment on behalf of an institutional client to a private investor.
The property which comprises a distribution unit of 250,000 sq.ft is let to Staples UK Retail Limited on a 15 year lease with effect from 1st March 2007. There is a tenant only break option on expiry of the 10th year of the term and the passing rent is £1,126,380 per annum.
The sale price was £12,205,000 (Twelve Million Two Hundred and Five Thousand Pounds) representing a net initial yield of 8.73%.
Commenting on the transaction, Andrew Franck-Steier of FSP said “We are delighted to have been able to conclude the sale of this property in a market where income of less than 10 years certain is proving very difficult to find purchasers for, primarily due to the difficult lending market and flight to prime assets let on long leases”. The building forms the hub for the Staples UK operation and as such is integral to their network in the UK.
The purchaser was represented by Cyrill Leonard