DERBY WAREHOUSE SOLD TO INTERNATIONAL INVESTMENT FUND FOR OVER £9MILLION
Harris Lamb’s Investment team has sold a Derbyshire warehouse for more than £9million to an international investment fund.
Gilbert House, a bespoke 108,000 sq ft distribution facility on Denby Hall Business Park in Derby, was built and fitted out for Lockwood Haulage further to a pre-let last November.
Acting for Garner Holdings, the owners of the park, Harris Lamb sold the design-and-build facility to the undisclosed investment fund keen to add the high-specification opportunity occupied by an established tenant to its portfolio.
Neil Harris, Director, said: “This project has been an incredibly successful operation from inception through to completion, and we’re very proud of it. The timescales for delivering the bespoke building were excellent; with it taking less than 12 months from Lockwood’s initial enquiry to its completion.
“The business committed to a 15-year full repairing and insuring lease with no breaks as part of its ongoing expansion, and the investment fund we sold the opportunity to, recognising Lockwood as a secure, established tenant, was keen to add the facility to its portfolio.”
Gilbert House was sold for a figure in excess of £9million, representing an investment yield of six per cent.
Neil added: “Denby Hall Business Park has a reputation for being a leading commercial location within the East Midlands, benefitting from high-specification office and industrial space with excellent logistics links.
“Over the past few years, an increasing number of expanding businesses have chosen to site themselves at the Park to establish a base for their international business, and its success within the East Midlands is second to none.
“There has been extensive demand for commercial property within the region for some time, and with the second phase of the park now underway, we are in discussions with a number of further new-build projects, which we expect to be delivering over the forthcoming 12 months,” he added.