Property company, Le Masurier, have expanded their UK investment programme by acquiring a substantial distribution warehouse, in excess of 74,000 square feet on the Cross Green Industrial Estate in Leeds.
The tenant is Palmer & Harvey, the fifth largest private company by turnover in the UK, who have occupied the building since construction and are currently paying a rental of £373,365 per annum, which has a further fixed uplift in 2019 to £422,428 per annum.
Le Masurier paid £5.7m for the site, which equates to an equivalent yield of 6.25%.
The vendor was Solvgrin Ltd, a Yorkshire based Property Company. AHBN LLP advised Le Masurier and Woolhouse Real Estate the vendor.
Brian McCarthy, Managing Director of Le Masurier, commented:
“We are delighted to have made another addition to our substantial UK property portfolio furthering our strategy of investment in the UK and Europe.”