LondonMetric Property purchases M62 warehouse for £24m

LondonMetric Property has agreed to purchase and forward fund a 232,000 sq ft warehouse adjacent to Junction 36 of the M62 for £24m.

The warehouse has been prelet to chemical company Croda on a 20-year lease at a rent of £1.3m a year. The deal reflected a yield on cost of 5.2%.

The 33-acre site has planning consent for 140,000 sq ft and LondonMetric will forward fund developer db symmetry to deliver the scheme.

Construction is due to start imminently and is expected to complete in mid-2020.

LondonMetric chief executive Andrew Jones said: “In this