King Sturge - Industrial Sale - Bridgewater, England

Date: 19 Sep 2008

Morley Fund Management, on behalf of the Norwich Property Trust, has sold the freehold interest in the Somerfield Distribution Unit, Huntworth Business Park, Bridgwater to The Mann Group of Companies for £7.4 million (£61 per ft²), showing a net initial yield of 7.95%.

The property comprises a detached distribution warehouse, originally constructed in 1987 and further extended in 1994 and 1997 totalling 121,434 ft². Internally the property has been effectively lined, to provide a chiller warehouse throughout, divided into two different temperature stores. Access to the warehouse is provided by 14 dock levellers and the eaves height is approximately 5.5 m.

The property is let to Somerfield Stores Limited on a full repairing and insuring lease expiring in August 2023 (15 years unexpired) at a current passing rent of £622,275 per annum (£5.12 psf). The property has been sub-let in its entirety to Wincanton at a peppercorn rent until October 2013.

The vendor was advised by King Sturge while Neil Frais Kelly acted for The Mann Group of Companies.

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