Blue Marble Asset Management (Blue Marble) has acquired two distribution units totalling over 61,000 sqft in Nottingham in an off-market deal.
Acting on behalf of Pemberstone, Tim Matthews, Chief Executive of Birmingham-based real estate asset management company Blue Marble, acquired the freehold of Units 1 and 2 Birch Park, Park Lodge Road, Giltbrook, Nottingham NG16 2AR, from an unnamed vendor, at a price reflecting a net initial yield of 6.5%. Andrew Price of Birmingham based Franck-Steier Price advised Blue Marble and Pemberstone. NG Chartered Surveyors acted for the vendor.
Units 1 and 2 Birch Park are modern detached distribution units located fronting the main A610 and close to the popular Giltbrook Retail Park. Junction 26 of the M1 motorway is just over 2.5 miles to the east.
Both units are let to a subsidiary of Travis Perkins until 2028 following the 2008 acquisition of the original business, Birchwood Group, which had initially constructed the buildings for its own occupation.
Mr Matthews says: “we are extremely pleased to have secured this acquisition which will undoubtedly prove to be a strong performer within our client’s portfolio. The purchase is particularly satisfying given the strong demand prevailing in the commercial property investment market, particularly for good quality, well located, industrial and distribution units such as those at Birch Park.”
This latest acquisition takes the total investment value of properties acquired by Blue Marble so far in 2019 to nearly £10m.
