Investment practice Lewis Ellis has advised Nuveen on the sale of a single-let warehouse at Sherwood Business Park, Nottingham, UK.
The 136,162 square-foot distribution warehouse was sold for £8.7 million reflecting a net initial yield of 6.64%.
It was constructed in 1999 and is let to Cotton Traders Group Holdings Limited on a 15-year lease, expiring on 30 April 2034. The passing rent is £616,500 per annum, working out at £4.52 per square foot.
There is an opportunity for a significant rental uplift at the next rent review in May 2024.
Carter Jonas represented the purchaser.