A 538,280 sq ft distribution warehouse built to suit for DHL has been put on the investment market for more than £61 million.
The unit will operate as a strategic DHL Supply Chain campus for the East Midlands region and is offered for sale with DHL guaranteeing a 20-year lease following completion of the building at a rent of £3,033,773 a year equating to £5.64 per sq ft.
The lease will be subject to five-yearly rent reviews annually compounded at 2.2 per cent a year reflecting a Net Initial Yield of 4.75 per cent and a capital value of £115 per sq ft assuming purchaser’s costs of 3.28 per cent.
The facility is located at on the 63-acre Manton Wood site near Worksop which was acquired by DHL for an undisclosed sum earlier this year.
This unit is on phase one of the site with further applications for Phases 2 and 3 to follow in due course.
The proposed Phase 1 unit provides a bespoke facility designed to meet DHL’s operational needs both now, and into the future – with the wider site providing an opportunity to establish a strategic DHL regional campus.
Outline planning permission for one million sq ft of logistics development at Manton Wood was secured by Network Space in 2015 and enabling works, including a new access junction onto the A57, were completed in 2018.
DHL secured reserved matters approval in June 2019 for a 18m to 28m high bay, high specification distribution warehouse with construction due to start on site later this year.
Manton Wood is within 2 minutes of the A1 and 15 minutes of Junction 31 of the M1 motorway.
CPP and Colliers are the appointed agents on the Manton Wood development.
By Liza Helps