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M7 buys Eddie Stobart warehouse

M7 Real Estate has bought, on behalf of M7 Real Estate Investment Partners VI, five adjacent warehouse units let on a long term lease to Eddie Stobart in Workington, Cumbria for £6.295m, representing a net initial yield of 10% and a capital value per sq ft of £13.22. The asset has been acquired from the Stobart Group.
By James Buckley
October 16, 2018 | 1:18 P.M.

The units, four of which are interlinked, are situated on the established 45 acre Lillyhall Industrial Estate and comprise a total of 476,000 sq ft. Four of the units are occupied by Eddie Stobart on a ten year lease without break. The lease was successfully renewed in March 2018 and is subject to RPI linked rent reviews at years two and seven. The total units are let at £1.31 per sq ft and generate a total rental income of £675,000 per annum.

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News | M7 buys Eddie Stobart warehouse