Tritax buys Unilever distribution centre
Tritax buys Unilever distribution centre – Tritax Big Box REIT has acquired a national distribution facility at Hickling Road in Cannock, Staffordshire, which is operated and let to Unilever UK Ltd, one of the world’s leading suppliers of Food, Home and Personal Care products. The total consideration is GBP44.25 million (excluding purchaser’s costs).
The property is strategically situated in a core Midlands distribution location with excellent connectivity to the M6 motorway for access to Birmingham and Manchester Airports, the Port of Liverpool in the North West and the Port of Avonmouth in the South West. The area has attracted a significant number of logistics occupiers including APC Overnight, Bidvest, First Group and Hellerman Tyton.
Purpose-built in 2005 for Unilever and extended in 2012, this high specification facility has a gross internal area of 541,157 sq. ft., an eaves height of between c.10 and 28 metres, extensive parking, is highly automated and has benefited from significant capital investment.
The property has been acquired with a new 10 year lease, subject to a five yearly upward only rent review indexed to the Retail Price Index with a collar and cap in place.
Cushman & Wakefield represented Unilever.
Colin Godfrey, Partner of Tritax, commented: “We are pleased to have acquired our second distribution centre let to the leading globally recognised consumer goods company; Unilever. This property plays a key role in Unilever’s supply chain and has benefited from significant capital investment with a high level of automation. This purchase adds to our portfolio’s core foundation income, strengthens our existing customer relationship with Unilever, provides geographic diversity and offers good potential for rental growth.”
BBOX : Tritax buys Unilever distribution centre