Norwich Property Trust sells Bridgwater industrial investment

Morley Fund Management, on behalf of the Norwich Property Trust, has sold the freehold interest in the Somerfield Distribution Unit at the Huntworth Business Park in Bridgwater (UK), to The Mann Group of Companies for €9 million (£7.4 million) (€75 / £61 per ft²), showing a net initial yield of 7.95%.

The property includes a detached distribution warehouse, originally built in 1987 and further extended in 1994 and 1997 totalling 121,434 ft². Internally the property provides a chilled warehouse divided into two different temperature stores. Access to the warehouse is provided by 14 dock levellers and the eaves height is approximately 5.5 m.

The property is let to Somerfield Stores Limited on a full repairing and insuring lease expiring in August 2023 (15 years unexpired) at a current passing rent of €764,016 / £622,275 per annum. The property has been sub-let in its entirety to Wincanton at a peppercorn rent until October 2013.

The vendor was advised by King Sturge while Neil Frais Kelly acted for The Mann Group of Companies.

Source: King Sturge