Liverpool Victoria Asset Management, acting on behalf of its staff pension scheme, has acquired a prime distribution unit at Relay Park, Relay Drive, Tamworth.
The 5,146 sq m / 55,338 sq ft property is let to FX Coughlin, a subsidiary of Exel for 15 years from December 25, 1996. The current rent is £268,000 p a, which equates at £4.85 per sq ft. The rent is due to be reviewed in 2006.
The price paid of £3,825,000 reflects a net initial yield of 6.62% with the prospect of a reversion to over 7% in 2006. Liverpool Victoria was represented by NAI Fuller Peiser.