The sale of a 674,000-square-foot distribution hub in Melton Mowbray made both the vendor and the buyer happy.
Alex Reid of Mather Jamie advised Asfordby Storage and Haulage on the sale, which was challenging given its size in a small market town, earning it a CoStar Impact Award.
Asfordby wanted to vacate the property it no longer required. Reid was aware that Urban Logistics REIT had raised capital to buy logistics properties that provided added value. He brokered a deal where the seller would remain in the property in 2023 as part of ongoing fulfilment commitments, providing the vendor capital and an early exit and the purchaser income during the initial marketing period. The property sold for £40.7 million, a 6.67% yield.
The space will be marketed by Mather Jamie and M1, which advised Urban Logistics.
About the project: Sale of a 674,000-square-foot distribution hub in a small market town, while the short lease gives the vendor time to fulfil commitments and buyer income during the marketing phase.
What the judges said: Ian Dunckley, development director for Tungsten Properties said: “72 acres [in] Melton Mowbray with 674,000 square feet of existing buildings provided a challenging sale for Mather Jamie in a small market town. It is a big investment in this East Midlands market town and allows Urban Logistics to masterplan and develop over a number of years.”
They made it happen: Alex Reid of Mather Jamie, Fred Burstal, senior property manager at Urban Logistics REIT.
