Amazon Distribution Centre - Swindon
12th July 2017
Praxis, the UK value-add investor, has sold its Amazon Distribution
Centre in Swindon for £13.7m, a 6.69% net initial yield, to an unnamed
Cyril Leonard acted for the purchaser.
The 209,000 sq ft shed on Marston Park was bought by Praxis in early
2015 with nine months’ remaining of a 20 year lease to Early Learning Centre,
owned by Mothercare Plc.
Praxis initiated a speculative £2m refurbishment of the unit and a deal
with Amazon was agreed during the refurbishment programme. The refurbishment
and Amazon fit-out was managed by PREM (Praxis’ UK based Asset Management arm)
in eight months.
Steve Faber, Managing Director of PREM, said: "We are delighted with the
swift execution of our business plan, concluding with the disposal of this high
Finn & Company acted for Praxis on the sale.