DTZ Investors has sold a single let 96,000 sq ft warehouse on Eldon Way in Crick, Northampton.
The property has been let to ZF Services at a rent of £495,000 per annum with a lease expiring in May 2020.
The sale was initiated in October 2019 and is in line with the fund’s objectives of disposing of a non-core asset which presented a great economic risk.
The property was sold for £7.45m reflecting a net initial yield of 6.22%, and representing a capital value of approximately £77 per sq ft.
Tom Royston, associate director at DTZ Investors, said: “We are very pleased to have successfully completed the sale of Eldon Way, Crick which fully aligns with the Fund’s strategic objectives as we continue to reposition the Client’s portfolio.
“The asset was well received by the investment market and attracted strong interest amongst investors throughout the marketing campaign. We are now actively seeking to re-invest the sales proceeds as we continue to target multi-let assets offering diversified income in large urbanised environments.’’
DTZ Investors were advised by DTRE and the buyer was represented by Lambert Smith Hampton.