The developer has sold its under-construction Eclipse136 scheme to publicly listed investor LondonMetric Property.
The deal, valued at £20.5m, is subject to practical completion of the 137,000 sq ft warehouse, situated close to the A57 Cadishead Way and the Manchester Ship Canal in Irlam.
The unit is part of the established Northbank Industrial Park between the M60 and M6 in Greater Manchester. It is pre-let for 15 years at a rent of £900,000 per year to LSE Group Holdings, one of the UK’s largest online home lighting retailers.
LSE is upsizing its operations into the property, which will act as its UK headquarters and features an office as well as a warehouse unit. The building has a low site density of 32% and is being constructed to a BREEAM ‘very good’ standard.
At the same time, LondonMetric acquired a 122,000 sq ft warehouse in Oldbury, Birmingham from developer Opus Land for £18.1m. The two deals reflect a blended yield of 4.25%, the investor said in a filing to the London Stock Exchange.
Andrew Jones, chief executive of LondonMetric said: “Our strong relationships have allowed us to secure two additional high-quality assets. These newly built warehouses are fully income generating, well located and let on long leases to established and growing occupiers.
“They provide guaranteed rental growth, will further improve the quality of our portfolio and allow us to extend both existing and new occupier relationships.”