Sale and leaseback investment deal concluded
25 April 2008
A 150,000 ft² manufacturing facility located in Cannock, Staffordshire
The Investment team at the King Sturge Office in Birmingham, acting on behalf of Nicholl Food Packaging Ltd, has completed the sale and leaseback of a 150,000 ft² manufacturing facility located in Cannock, Staffordshire.
The property is let in its entirety to Nicholl Food Packaging Ltd on an FRI lease for a term of 20 years (no breaks) at a commencing rent of £677,000 per annum. The rent is subject to review on every fifth anniversary of the term to the higher of Market Rent or 2.5% per annum compound.
The property was purchased by a subsidiary of the Oakwood Group for £8,600,000 reflecting an initial yield of 7.44%.
