Warehouse REIT buys four warehouses in Liverpool – Warehouse REIT has bought four modern warehouse units on Boulevard Industry Park in Speke, Liverpool, totalling 390,000 sq ft. The purchase price of £35m reflects a net initial yield of 5.5%.
Ranging from 74,000 sq ft to 163,000 sq ft, the units are occupied by three separate occupiers spanning the automotive and pharmaceutical sectors. The properties generate a net rental income of £2.1m a year, a low average rent of £5.31 per sq ft, and provide a WAULT of over 7 years.
Boulevard Industry Park is one of Liverpool’s most successful and popular business locations, immediately adjacent to Jaguar Land Rover’s 300-acre Halewood manufacturing plant and major Astra Zeneca and Seqirus facilities. Occupiers benefit from the asset’s prominent location fronting onto Speke Boulevard (A561), the principle southern gateway into Liverpool City Centre (7 miles to the north west) which provides easy access onto M57 and M62 motorways, as well as its close proximity to Liverpool’s John Lennon Airport.
On 5 February 2021, Warehouse REIT announced it had successfully raised £45.9m to fund a near term pipeline of acquisitions. Alongside the previously announced £14 m acquisition of two distribution warehouses in Harlow, this transaction substantially deploys the proceeds of the placing and takes Warehouse REIT’s portfolio past eight million sq ft.
WHR : Warehouse REIT buys four warehouses in Liverpool