Tritax Big Box REIT has bought a 315,000 sq ft logistics facility at Carlisle Lake District Airport, let to Stobart Group, for £23.6m, representing a 5.31% net initial yield.
The warehouse was built in 2015 by Stobart, and sold to Gramercy Europe in 2016 for £16.9m, in a sale-and-leaseback deal.
Stobart uses the warehouse as its regional distribution centre for Cumbria, from which it fulfils a contract for a packaging supplier client. Around 50,000 sq ft of the 315,000 sq ft unit is available to sub-let.
The rest of Carlisle Lake District Airport is owned by Stobart Group, with planning permission to build out a larger logistics park alongside the current facility.
The property is being acquired with an unexpired lease term certain of 18 years, subject to annual upward only rent reviews indexed to the Retail Price Index, collared at 1% and capped at 3.5%. The next rent review is due in February 2021.
Knight Frank represented Tritax. Roebuck Asset Management advises Stobart.