A massive fully-let logistics warehouse at Magna Park Lutterworth has been sold to specialist property investor Ergo Real Estate for just shy of £40 million.
The 464,824 sq ft cross-docked facility, is let jointly to Renault UK and Nissan until June 2028 at a rent of £5.75/sq ft with a tenant break option in June 2023 and was sold for £39.75 million. It has an additional six acres of expansion land.
The buyer acquired the property on behalf of Aver Property LP, its joint venture with NFU Mutual. The price reflects a net initial yield of 6.48% and a capital value of £85.62/sq ft.
Aver Property was advised by Colliers, while the vendor was advised by Altus Group.