DTZ acquires Gemini Business Park
DTZ Investment Management has acquired the business park in Warrington from Liverpool Victoria Asset Management.
The acquisition of Gemini Business Park was part of DTZ Investment Management's purchase of Liverpool Victoria's 4×4 portfolio totalling £28.55m, reflecting a net initial yield of 7.58%.
Other estates in the portfolio included Swallow Gate Business Park in Coventry, Five Arches Business Estate in Sidcup, and Units 19-23 at Mitcham Industrial Estate, south London.
DTZ said the estates are located in established industrial areas with an average unexpired term to break or expiry of 6.6 years.
There are 43 units in total ranging from 3,000 sq ft up to 32,000 sq ft and, by floor area, the portfolio is 82% let. Upon letting of the seven vacant units, DTZ said the running yield will rise to 8.8%.
Griffiths Eccles acted for Liverpool Victoria.