Property overview

United Drug Distribution Group, Point 28, Berristow Lane, South Normanton, DE55 2FT

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Oct 2010

Franck-Steier Price Ltd (FSP) has recently purchased a modern distribution warehouse investment on behalf of Allianz Investment Properties Ltd.

The property is excellently located a short distance from Junction 28 of the M1 motorway. Constructed in 2004 the unit benefits from 12 metre eaves.

The unit is let to Unidrug Distribution Group Ltd for a term of 16 years from 16 September 2009. The current rent is £825,255.50 per annum (£4.75 per sq.ft). The lease is held on full repairing and insuring terms subject to five yearly upward only rent reviews.

The purchase price of £11,410,000 represents a net initial yield of 6.84% assuming usual costs of purchase of 5.7625%.

CBRE represented the vendor, British Airways Pension Trustees Ltd.