Property investment managers PRUPIM has paid £47 million for the freehold of a 1 million sq ft warehouse located in the prestigious Golden Triangle in the Midlands.
The warehouse is situated on a 42 acre site on the Brackmills Industrial Estate, Northampton, let to Howden Joinery Group until March 2019. PRUPIM will receive a rent of £6,905,113 a year representing a yield of 13.89 per cent.
Saul Western, Bidwells, who advised on the deal, said: “This is just the opportunity that a large Life Fund like PRUPIM should be acquiring – it will provide a high income return for the next few years, but with a tremendous underlying site value being situated on a 42 acre prime development site on Brackmills.”
