Warehouse REIT made its first acquisition at Midpoint 18 in 2017, with a 181,000 sq ft warehouse, and has since amassed a site totalling 725,000 sq ft through targeted acquisitions to achieve critical mass in this key logistics location. This 23 unit multi-let estate is close the M6 motorway in Cheshire.
Key statistics
Area (sq ft)
725,000
Contracted Rent
£3.8m
WAULT
4.4 years
Occupiers
17
Why did we buy it?
This multi-let estate provided the opportunity to grow through acquisition and development as well as attractive asset management opportunities, through lettings, rent reviews, lease regears and renewals.
What have we done since purchase?
Following our initial investment, we acquired three further units totalling 44,600 sq ft, a single let warehouse of 373,900 sq ft with attractive reversionary potential and a 7.7 acre development site which has planning consent for further units.
We have let up vacant space ahead of ERV, raising the rental tone across the estate and driving income through rent reviews and renewals. New occupiers include Brit-European Transport Ltd & InHealth Intelligence Ltd.
Longer term we would look to progress the development site on a pre let basis.