Fineman Ross, advising on behalf of a private client, has sold two industrial units, totaling 127,527 ft² (approx. 11,847 m²), at Centre 28 in South Normanton, Derbyshire, to Legal & General Property (LGP) for £4.6 million (approx. €5.3 million), reflecting a net initial yield of 10.12%.
Situated In one of the principal distribution locations on the M1 Motorway (junction 28), units 1 and 2C comprise 87,260 ft² (approx. 8,106 m²) and 40,267 ft² (approx. 3,741 m²), respectively, of modern industrial warehouse space. The units are let to Alliance Healthcare (Distribution) Ltd and Radius Systems.
Centre 28 is situated on High View Road in South Normanton within the established Berristow Lane Industrial Estate, a key location for distribution and logistics companies. Nearby occupiers include Sun Chemicals, Iveco and Meridian Packaging.
Will Edwards, Fund Manager at Legal & General Property, commented: “Located in an established and well-connected industrial distribution area, the acquisition of these units is in line with the Fund’s strategy to buy assets with good real estate fundamentals and strong performance prospects in sectors that are forecast to outperform.”
Legal & General Property was advised by Colliers International.
Source: Legal & General