DHL has secured a sale and leaseback on a property it bought only weeks prior netting a rumoured £7 million plus profit.
The company acquired Miller Birch and Standard Life’s Langley255 warehouse, totalling 255,000 sq ft at @ccess 26, Langley Mill, Derbyshire, a 30-acre industrial and distribution development near Junction 26 of the M1 motorway, for it is thought around £40 – 45 per sq ft freehold earlier this summer.
The company then secured a sale and leaseback on the building in August with Tritax Big Box REIT for £17.53 million on the back of a ten year lease at a passing rent of £4.75 per sq ft or £1.214 million a year subject to five yearly open market rent reviews. The next rent review will be in August 2019. DHL has committed to significant further capital expenditure to fit the unit out to fulfil a new national distribution contract.
Colin Godfrey, Partner of Tritax, said: “We are pleased with our acquisition of the DHL Supply Chain warehouse in Nottingham, which provides not only tenant but also geographic diversification to our current portfolio in a core distribution location. Given its strategic location coupled with increasingly strong demand, this high quality logistics facility is well placed to benefit from a constrained supply in this sub sector.”
The warehouse boasts 12m eaves, 20 dock and four level access doors, fitted offices with comfort cooling and raised floors, as well as 68 lorry parking bays and 163 car parking spaces. The building had been on the market since it was completed in 2007. North Rae Sanders, CBRE and Innes England advised Miller Birch & Standard Life on the sale of the property to DHL while CBRE acted for DHL on the sale and leaseback to Tritax. SG Commercial represented Tritax.