News

14 / January / 2022


DTZ Investors snaps up mid-box premier logistics park in the heart of the Golden Triangle for £41.7 million

DTZ Investors has completed the acquisition of Units A - E, Lyons Park in Coventry fo, reflecting a net initial yield of 3.21%. Gerald Eve represented DTZ Investors.

The property was developed in 2015 and comprises five modern, highly specified distribution units extending to a total floor area of approximately 215,224 sq ft. The asset benefits from excellent ESG credentials with a BREEAM Very Good rating, with all five units having an A EPC rating. Other key sustainability credentials include electric vehicle charging points, cycle spaces and photovoltaic panels situated on the roof. The overall site extends to approximately 9.7 acres. The property is fully let at a rent of £1,425,163 per annum, with 59% of the income benefitting from index linked rent reviews.

The site was historically a Jaguar Land Rover paint factory and production facility. Highly desirable for its location in the heart of the Golden Triangle, Lyons Park enables tenants to reach 91 % of the UK’s population and all of the country’s core markets within 4 hours. Units A – E Lyons Park, Coventry form part of the wider logistics park, home to occupiers including Amazon and Jaguar Land Rover to the North-West of Coventry City Centre. 

The estate is multi-let to five tenants providing a diversified income profile with exposure to an array of commercial business uses. The tenants are BJA Trading Limited, Christie Lites Coventry, Ultraseal International Group Limited, Polymer Logistics Limited and Impression Technologies Limited. 

Tom Royston, Director at DTZ Investors, comments: “We are delighted to complete the acquisition of Units A-E Lyons Park, which fits in well with the fund’s investment strategy. The property benefits from an excellent specification, reversionary income with future growth prospects and strong ESG credentials.”

John Prichard, Partner in the Industrial Investment team at Gerald Eve, adds: “The market for high quality, regional mid-box logistics parks is incredibly competitive, so we are very pleased to have secured Lyons Park on behalf of our client. The low average passing rents, combined with the strong occupational dynamics in Coventry, should ensure the asset performs very well for the fund.”

 

Knight Frank represented the vendor.