Henley has completed the freehold sale of a 48,000 sq ft specialist logistics warehouse at Newhouse Industrial Estate, Scotland for £4.15 million.
The site, which is located just outside Glasgow, comprises a purpose built, single storey, industrial distribution unit with ancillary office accommodation over two floors. The property is currently leased to UPS Limited, the largest express carrier and package delivery company in the world, on a full repairing and insuring lease for a term of 15 years, expiring in 2020.
Commenting on the sale, Ian Rickwood, Chief Executive Officer of Henley, said: “We purchased this asset as part of our Deep Value portfolio, good assets let to great companies totally out of favour with investors. We are particularly pleased with the success of the sale, which has resulted in a strong IRR (15%) for our investors and is testament to our proven asset management and disposal strategy.”
Newhouse Industrial Estate is located in north Lanarkshire, within the central belt of Scotland, approximately 16 miles east of Glasgow city centre. The site benefits from immediate access to the M8 which connects Glasgow to Edinburgh.
Cushman & Wakefield acted for Henley.