Resolution Property Plc buys M40 Distribution Park, Wellesbourne
05 March 2008
The property was sold for £49 million
Resolution Property Plc has bought the M40 Distribution Park at Wellesbourne for a price of £49,000,000 (a net initial yield of 7.23%).
Situated some 5 miles south of Junction 15 of the M40, the park extends to some 73 acres. It incorporates some 740,000 ft² of buildings, together with extensive open storage compounds.
The estate is held under a virtual freehold, with an option to acquire the freehold. It is let to 15 tenants on 24 leases and produces a rent roll of approximately £3,748,000 per annum.
Resolution believe that there is scope for asset management of the property that will include lease restructuring with some of the tenants, the refurbishment of some of the existing buildings and the development of new units on under-developed parts of the site.
The acquisition is the latest to be announced by Resolution following its recent €800 million capital raising and subsequent launch of a €4 billion pan-European investment programme.
King Sturge acted for the vendor whilst James Martindale Consultancy and Cushman & Wakefield acted for Resolution Property Plc.
