Le Masurier have furthered their sizeable UK investment programme by recently acquiring a substantial distribution warehouse, extending to in excess of 74,000 square feet on the Cross Green Industrial Estate in Leeds.
The tenant is Palmer & Harvey, the fifth largest private company by turnover in the UK, who have occupied the building since construction and are currently paying a rental of £373,365 per annum, which has a further fixed uplift in 2019 to £422,428 per annum.
Le Masurier paid £5.7m, which equates to an equivalent yield of 6.25%, with a reversionary yield rising to 7% at review.
The vendor was Solvgrin Ltd, a Yorkshire based Property Company. AHBN LLP advised Le Masurier and Woolhouse Real Estate the vendor.
Brian McCarthy, Managing Director of Le Masurier, says:
“We are delighted to have made another addition to our substantial UK property portfolio furthering our strategy of investment in the UK and Europe.”
Category: Finance & Business