Strutt & Parker has advised Commercial Management (Investments) Limited, as general partner of CML Investments LP, on the purchase of the virtual freehold interest of Unit 5310, Hunter Boulevard, Magna Park, Lutterworth from Lionbrook Property Partnership Nominee (c/o ING REIM) for £6,750,000, reflecting a net initial yield of 8.50%

The property comprises a two bay distribution warehouse totalling 11,356 sq m (122,231 sq ft) and benefits from a minimum eaves height of 10m (33 ft), 20 dock level loading doors and 2 level access loading doors. The building is let to P&O Ferrymasters Limited, with a guarantee from P&O Trans European (Holdings) Limited on a full repairing and insuring lease for a term of 20 years from 6 December 2000, expiring on 25 December 2020. The current rent passing is £610,000 pa (£4.99 psf). The property has been sub-let to ASDA Stores Limited.

James Fairweather of Strutt & Parker’s National Markets Investment team comments “We have been fortunate to advise our client, Commercial Management (Investments) Limited, on the acquisition of a number of prime assets over the last few months, including a similar warehouse in Coventry. Having sold most of their portfolio in 2006, this recent acquisition continues their strategy of acquiring prime well secured investments at a significant discount to historic levels.’’

ING REIM were unrepresented.

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