Custodian REIT has added further to its property portfolio with the acquisition of two modern industrial units on the 100 acre Estuary Commerce Park, Speke, Liverpool (next to Liverpool John Lennon International Airport) for £3.1m, equivalent to a net initial yield of 7.7%.
Unit C is let to Powder Systems Limited on a 20 year lease, expiring on 16 July 2020, at a passing rent of £135,500 per annum. The building was purpose-built for PSL with expansion space on site, providing a long-term solution as the business grows.
Unit E is let to DHL International (UK) Limited on a 20 year lease, expiring on 9 July 2020, at a passing rent of £119,239 per annum. DHL has been in occupation since 2000 and elected not to operate its break clause in 2010.
Custodian REIT is paying for these from its cash resources.