Aston Rose represents F&C Property AM in purchase of Industrial Development Site

Article appeared in Warehouse & Logistics News F&C Property Asset Management plc, acting on behalf of its Multi-Manager Mandate, has purchased the freehold investment of a 150,000 sq ft (13,935 sq m) warehouse facility in Droitwich, Worcestershire for £4.85m. The deal represents an initial yield of 10.5%. The distribution warehouse, which is set on a 10 acre (4 hectare) site situated at West Bank, Berry Hill Industrial Estate, Droitwich, is currently let to logistics firm Home Delivery Network Ltd. The lease is due to expire in September 2010 providing three years of remaining rental income. F&C Property is working with CDC Estates Limited on proposals to extensively redevelop the site for future industrial/distribution activity, to generate further value and income. Julian Smith, Director of Property Funds at F&C Property commented: ”This latest investment purchase provides us with an excellent opportunity to actively asset manage the site and produce a greater long term return for our client. We hope to be on site with development in early Spring 2011.” Guy Treharn, Director for CDC Estates Limited commented: ”We are delighted to be working with F&C Property once again. The site identified for redevelopment is among one of the best located industrial sites of that size (10 acres) situated along the M5 corridor which will help secure an attractive blue chip occupier.” Harris Lamb (Birmingham) and Aston Rose represented F&C Property and CDC Estates Limited.