London, 21st November 2023 - BNP Paribas Real Estate have successfully advised Capreon on the sale of a freehold logistics asset within Coventry’s Gallagher Business Park to Kennedy Wilson.
The property, positioned within the highly sought after Golden Triangle area of the West Midlands, comprises a detached warehouse with two-storey ancillary office accommodation extending to 136,571 sq ft on a site area of 6.74 acres and is let to Yodel for 3.5 years at a reversionary rent of £6.06 per square foot.
Daniel Hall, asset manager at Capreon commented: “This successful sale allows us to deliver on our strategy of rebalancing our client's multi-sector portfolio as we look to invest in real estate which unlocks added value and delivers attractive risk-adjusted returns.”
James Fairweather, head of industrial & logistics investment at BNP Paribas Real Estate added: “Golden Triangle located investments remain highly sought after. This asset has provided a solid return and capital improvement since purchased in 2010, and provides the purchaser the opportunity to capture significant further reversion.”
Gallagher Business Park which lies on the A444 dual carriageway. It offers excellent connectivity, being just 600m south of Junction 3 of the M6 motorway. Other occupiers in the vicinity include Boots, Next, Trade Centre UK, Autoscan UK, amongst a multitude of other logistics and trade operators.
BNP Paribas Real Estate acted for Capreon. Gerald Eve acted for Kennedy Wilson.
