DTZ Investors completes a double acquisition of assets in Northampton and Solihull totalling £14.3m.
The Northampton industrial unit is let to Saint Gobain who trade as a multi-brand trade counter (Jewson, CTD and Graham). The property has excellent road prominence and forms part of the established Kings Heath Industrial Estate. The tenant has been in occupation since 2005 with a further 9 years’ unexpired lease term.
The Solihull property forms part of Sears Retail Park, the town’s dominant out of town retail location. The 2-unit scheme is newly refurbished, let to Lidl supermarket and Smyths Toys on rebased rents with an attractive WAULT of approximately 20 years to expiry and 12 years to break.
Lewis & Partners (Northampton) and McMullen Real Estate (Solihull) acted for DTZ Investors on the acquisitions.
The Fund remains in growth mode with significant capital to deploy into multi-let industrial estates, single-let long income deals and opportunistic office and retail purchases.