Gladman sells Durham industrial investment for £16.25m (From Watford Observer)
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Gladman sells Durham industrial investment for £16.25m
19 May 2010
Sector: National Markets - Investment - Press release
Gladman Developments Ltd, advised by Strutt & Parker, has sold the freehold interest in the Co-Operative Group’s newly developed distribution warehouse on Drum Industrial Estate, County Durham, to Warburg-Henderson KAG for £16.25 million, reflecting a net initial yield of 6.69%.
The distribution warehouse totals 270,570 sq ft and benefits from 44 loading doors and a low site cover of 31% providing potential for future expansion. The property is let to the Co-operative Group Ltd on a lease expiring in March 2024 and produces a rental income of £1.15 million equating to £4.25 per sq ft.
Drivers Jonas Deloitte advised Warburg-Henderson KAG.
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