Highcross sells The Rack for £3m
Industrial developer-investor Highcross, advised by Jones Lang LaSalle, has sold part of its ownership of Deacon Park in Knowsley.
The 79,300 sq ft industrial unit known as The Rack was sold to PCT Healthcare at a price of £3.05m, reflecting a net initial yield of 9.22%.
Situated on a five-acre site six miles from Liverpool, the warehouse is let to Movianto UK, a pan-European healthcare logistics supplier on a 10-year lease, with a current income of approximately £297,240 per annum, reflecting £3.75/sq ft.
Matt Stretton, associate director in Jones Lang LaSalle's national investment team in Manchester, said: "After successfully letting the unit to Movianto UK, Highcross seized the interest received from private investors who were attracted by the 10-year unbroken lease term to a company in health care, one of few sectors that are currently expanding."
Deacon Park is located on the intersection of the M57/A580 East Lancs Road and forms part of Knowsley Industrial Estate which, at over 1,200 acres, is one of the largest employment areas in the UK and the biggest on Merseyside. In recent years, substantial investment has changed the whole character of the park, with new industrial schemes, a hotel and Liverpool FC Academy. Current occupiers on the park include QVC, St Ivel, Vertex and DHL.
Jones Lang LaSalle advised Highcross on the letting to Movianto UK in 2008 and subsequent sale of the investment to PCT Healthcare. WT Gunson advised the purchaser.
