The Capital Markets team of Knight Frank has acted in the freehold purchase of a
58,640 sq ft prime distribution investment at Logix Park Hinckley for £5 million, reflecting a Net Initial Yield of 5.63%.
The building, known as Unit 2 Logix Park, was developed by Goodman in 2007 and is let to online flooring retailer UK Flooring Direct Ltd until 2027.
The property consultancy acted on behalf of F&C Property Growth and Income Fund, managed by BMO Global Asset Management, in the purchase. The vendor was HD Property Developments Ltd, which was unrepresented.
Jonathan Devaney, partner in the Knight Frank Midlands Capital Markets team, said: “This was a rare off-market transaction in a market that is starved of good quality stock. The property is well specified and in a ‘Golden Triangle’ location just off the A5. The passing rent is modest, providing strong growth prospects, and the purchase price reflects a sensible capital value per sq ft.”
