The newly-built 3,450sq m regional distribution centre developed by Stoke-on-Trent Regeneration for Littlewoods’ home shopping delivery arm Business Express at the 400-acre Trentham Lakes has been sold to a private investor for £2.5M. The investment sale represents a yield of 6.57%.
Stoke-on-Trent Regeneration, the joint venture between St Modwen Properties and Stoke-on-Trent City Council, agreed terms at the beginning of this year to let the building to Littlewoods on a 15-year lease at a rent of £4.50 per sq ft. Business Express is relocating its home shopping delivery service from the Mount Pleasant area of Stoke.
St Modwen’s Euan Lindsay comments: “The level of interest shown in this investment is demonstrated by the yield achieved. It further underlines the property industry’s increased confidence in the regeneration of the Stoke and North Staffordshire area.”
King Sturge acted for the buyer while CB Richard Ellis and Daniel & Hulme acted on behalf of Stoke-on-Trent Regeneration.