A 1,524,600 sq ft site at Geddington Road, Corby has sold for £18.8 million nearly £6.5 million above the price paid for it just over two years ago.
AEW UK REIT paid £12.4 million for the site in February 2018. It is fully let to 3PL Gefco UK producing a net income yield against the purchase price of 10%.
The property comprises a secure fenced site along with a modern industrial property extending to 52,353 sq ft and is used by the tenant for the storage and inspection of vehicles.
It is located close to the 250-acre Eurohub Logistics Park. At the time of acquisition Alex Short, Portfolio Manager, AEW UK REIT, said: “In the longer term we believe that the site provides good potential for us to add value due to the adjoining uses being both logistics warehousing and residential.”