A 73,000 sq ft warehouse in one of Shropshire’s leading estates has been sold, national property consultancy Lambert Smith Hampton (LSH) has announced.
Premier House, at Hortonwood 7, Telford was sold to an undisclosed buyer at the end of March by LSH’s Captial Markets team at a net initial yield of 9.69%. The deal follows incumbent tenant AMCO Services (International) Ltd signing a new five-year lease in January, maintaining the company’s presence at the business park until 2021.
Matt Tilt, head of industrial and logistics at LSH’s Birmingham office, said: “There was significant interest in Premier House from the investment market, and this is no surprise. It is prime space, well located, and with a tenant in place on good terms for the next five years, meaning a guaranteed rent.
“Industrial property in this area is at a premium and the market here remains strong, so we’re confident Premier House will prove a sound investment for its new owner.”
Freight management company AMCO has been at Premier House since 2011, and the warehouse is one of five UK locations for the business which also has sites in France and China.
Paul Andrews, Managing Director of AMCO Services Ltd explains why the company chose to renew its lease at Premier House: “Premier House is a key strategic geographical facility supporting the ongoing defence sector logistics requirements of the business.”
Premier House is made up of three distinct warehouse areas with eave heights from 4.6m to 9m. The site also includes WC and canteen facilities, two-storey office and ancillary accommodation providing reception and offices.
Hortonwood Industrial Estate is one of Telford’s premier industrial locations situated at the intersection of the A442 and A518, approximately three miles north of the town centre. Occupiers on Hortonwood include BAE Systems, Denso Manufacturing, Heinz and the Telford International Railfreight Park (TIRFP).
The buyer of Premier House was represented by Colliers International.