Stobart shed sold for £21m
A 375,000 sq ft warehouse in Warrington occupied by Eddie Stobart has been sold by DTZ Investors to Griffin Logistics for £21.4m, reflecting a net initial yield of 8.24%.
Cushman & Wakefield advised DTZ Investors on the sale.
Situated on Hawleys Lane, next to Winwick Quay Industrial Estate and near to Junction 9 of the M62, the property is fully let to Eddie Stobart, providing an unexpired lease term of 10 years.
Eddie Stobart currently operates 13 contracts from the site including for Tesco Direct, TATA Chemicals and Dobbies Garden Centre.
Craig Barton, director at Cushman & Wakefield, said: “The price achieved demonstrates the strong investor appetite for a high quality industrial investment in a strategically important location, let to a strong covenant.”