Liverpool Victoria Friendly Society has sold its Tradeteam distribution unit at Hams Hall in Coleshill, Birmingham.
Legal & General UK Property Trust has paid £10.6m for the 172,000 sq ft shed, reflecting a net initial yield of 9%
The scheme sits on a 14.3 acre site on the established rail-connected national distribution park and is let to Tradeteam (part of DHL) at a rent of £1m pa, on a 20-year lease that expires in October 2016.
Matt Jarvis, fund manager at L&G, said: “The yield reflects the term on the lease, but we also believe in the quality of the location here. It is a good trade for both sides.”
L&G was advised by Lambert Smith Hampton; BNP Paribas Real Estate acted for Liverpool Victoria Friendly Society.
lisa.pilkington@estatesgazette.com
