Blue Marble Asset Management (Blue Marble) has acquired a 65,000 sq ft distribution warehouse in Coventry, in an off market deal.
Acting on behalf of a private client, Edward Jones, Investment Director at Birmingham-based real estate asset management company Blue Marble, has acquired 7030 Middlemarch Business Park, Coventry, CV3 4PE, for £4.35m, reflecting a net initial yield of 7.95 per cent.
7030 Middlemarch Business Park is a 65,815 sq ft, well specified distribution warehouse in a core location, let to Canute UK Ltd, which recently agreed a new 10 year lease in May 2016.
Located next to Coventry Airport, and close to junction of the A45 with the A46, Middlemarch Business Park is a well-established business park with high profile occupiers including Royal Mail, Wincanton, Unipart, Gefco, Buck & Hickman and Walkers Snacks. Access to the business park will be further improved by the £110m A45 / A46 Tollbar End Junction improvement scheme, due to be completed towards the end of 2016.
“This is a flavour of the year distribution warehouse investment deal which we have acquired at a significant discount to other prime deals, reflecting nearly eight per cent in a market sector where yields are ostensibly much lower,” says Mr Jones.
“It is a cracking investment in a good building, in an improving location, where the acquisition is fully underpinned by vacant possession value.
