Gazeley offloads G Park

Logistics developer Gazeley has completed the sale of the 360,300 sq ft shed G Park Liverpool to F&C Commercial Property Trust for £13.3m.

The warehouse, at junction 5 of the M57 in Gillmoss, was completed at the end of 2008 and is occupied by DHL Exel on a ten-year lease that started in March 2011 at £4/sq ft, equating to £1.4m a year, but with a rent-free period to July 2014.

F&C said DHL Exel "has committed significant capital expenditure to the unit to enhance the base specification."

The purchase price reflects a yield of 10.25% when income producing and equates to a capital value of £36/sq ft.

CBRE, Jones Lang LaSalle and Colliers International advise Gazeley in Liverpool.

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