Aviva Investors UK Real Estate Recovery Fund II has acquired the long leasehold interest in Wincanton’s distribution warehouse facility at Portbury Bristol for £4.3m following a deal brokered by Colliers International.
The property totals 38,000 sq ft on a site of 6.23 acres and is located very close to Junction 19 of the M5 motorway.
Wincanton hold the property on a lease with a further 11 years unexpired, subject to a break option in November 2020, at a rent of circa £380,000 per annum.
The purchase reflects a net initial yield of 8.34 per cent.
Aviva were represented by Colliers International and the vendor; Stobart Group Limited, were represented by GVA.
The property was managed for the vendor by Roebuck Asset Management as part of a wider contract.
Richard Coombs of Colliers International’s Bristol office said: “This acquisition provides Aviva with a generous income yield with potential for improved returns as the regional economy grows.”
