Acting on behalf of Columbia Threadneedle, Cyril Leonard acted to acquire two logistics units let to Amazon. The Fund notified us of a new requirement for mid-term income in the logistics sector let to institutionally acceptable tenants in established locations with a lot size of between £5-£15 million. The first acquisition was on 125 Hampton Lovett Industrial Estate, Droitwich, WR9 0QH which was a 112,586 sq ft fully refurnished logistics unit which had been let to Amazon on a new ten year lease. The property was marketed at a price of £7.46 million, reflecting a net initial yield of 7.0% and we secured the acquisition for a price of £7 million reflecting.
Following this, we acted on the Fund’s behalf on in the acquisition of Unit 7, Stirling Road, South Marston Business Park, Swindon, SN3 4TJ, a 209,239 sq ft logistics unit again let to Amazon on a ten year lease for a price of £13.7 million reflecting a net initial yield of 6.68%. Both properties have provided the client with good quality income let to a very strong occupier, off low rents with significant capital growth in the sector.