Canada Life sells prime Milton Keynes shed for £10.2m
25 August 2015
Canada Life, represented by Savills, has sold a prime logistics investment in Milton Keynes to a joint venture between Exeter Property Group and GIC for £10.2m, reflecting a net initial yield of 5.8%.
The 111,445 sq ft (10,353 sq m) distribution warehouse is set on a six acre (2.4 hectare) site and is currently let to Amscan, the world’s largest designer, manufacturer and distributor of party products.
Located east of the town centre, the property sits on Brudenell Drive within Brinklow Industrial Estate which is one of the leading distribution areas in the southern M1 corridor. Nearby occupiers include Waitrose, John Lewis, Seko Logistics and Macfarlane Packaging.
James Williams, investment director at Savills, comments: "This warehouse offers a significant opportunity to increase rental income through asset management, against the backdrop of a strong occupier market in Milton Keynes. As such, it generated high levels of interest and we are pleased to have achieved a strong result for our client.”