Tesco Middlewich warehouse sells for £45m
Canada-based Brookfield Asset Management has purchased the 460,800 sq ft distribution centre from the grocery giant.
Midpoint 460 sits on a 25-acre site off Pochin Way in Middlewich. B&M has been subletting the distribution centre from Tesco since 2015 as part of a 10-year lease.
The sale of Midpoint 460 to Brookfield Asset Management for £45m equates to a capital value of £97/sq ft. Morgan Williams advised Tesco on the deal, with Savills acting for Brookfield, according to industry reports. The exchange went down in August 2022, according to HM Land Registry.
The news was unveiled in Tesco’s preliminary results for the financial year ending 25 February 2023.
The sale of the distribution centre was one of several disposals made by Tesco in that year. During that time the supermarket also sold 17 mall properties and a retail park in Central Europe All of these deals generated a profit of £91m for the company.
In the UK, Tesco said the estimated market value of its property estate had reduced by £1.2bn. The company said this was, in part, “due to the weakening of the UK property investment market in the last six months”.