Oxenwood buys Coventry car storage centre
Oxenwood Real Estate has bought a vehicle storage, sales and distribution facility from clients of LaSalle Investment Management for £17.9m.
The deal represented a 5.15% net initial yield. The firm made the purchase on behalf of Oxenwood Catalina, its joint venture with Catalina Holdings.
The centre consists of three buildings totalling 39,691 sq ft on a 10-acre site at the junction of Foleshill Road and Old Church Road, north of the city centre.
Oxenwood Real Estate has bought a vehicle storage, sales and distribution facility from clients of LaSalle Investment Management for £17.9m.
The deal represented a 5.15% net initial yield. The firm made the purchase on behalf of Oxenwood Catalina, its joint venture with Catalina Holdings.
The centre consists of three buildings totalling 39,691 sq ft on a 10-acre site at the junction of Foleshill Road and Old Church Road, north of the city centre.
It is let to Lex Autolease, part of Lloyds Banking Group, for a further 13 years. It is sub-let to Pendragon, which uses the facility as one of its nine regional car store sites.
Stewart Little, co-founder and chief executive of Oxenwood, said: “The purchase of the facility in Coventry represents a rare opportunity to acquire a large central site with very strong underlying fundamentals in a market we know well.
“In tandem with the potential for logistics use in the longer term, the in-place income stream with its fixed uplifts will be an excellent contributor to the Catalina portfolio, for which we continue to secure high-grade assets in a competitive environment.”
Hoddell Stotesbury Morgan acted for Oxenwood, while Knight Frank advised the vendor.
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