Independent property consultancy Hartnell Taylor Cook LLP (Hartnell) has acquired a prime Bristol-based industrial unit for £5.405m on behalf of BMO Real Estate Partners (BMO REP).
The new property will be part of BMO REP’s F&C UK Property Fund and will offer a net initial yield of 5.72%.
The unit is fully let to Elemis Limited, the global distributor of spa and skincare products and is the company’s headquarters. The property is located on Poplar Park, which forms part of Cabot Park, one of the South West’s most productive distribution parks based in the heart of Avonmouth. Other notable occupiers include Honda, Kuehne + Nagel, Culina, Muller Wiseman Dairy, John Lewis and most recently, Amazon.
The modern distribution unit totals 50,167 sq ft and the current rental income achieves £325,981 per annum, equating to £6.50 per sq ft. The lease has in excess of 10 years remaining
The freehold interest was owned by City Monument Properties Limited, advised by JLL and Alder King.
Guy Glover, Fund Manager at BMO Real Estate Partners, said: “We are delighted to have worked alongside Hartnell Taylor Cook to secure this unit. The property is another boost for the fund and should provide secure, long-term income and strong returns. With other buildings under offer we remain acquisitive for selective quality product.”
