Henry Boot Developments has recently completed the sale of two distribution and industrial investments at Markham Vale in Derbyshire, to Aviva Insurance, for a price reflecting a net initial yield of 5.3%.
The newly constructed properties comprise a 100,000 sq ft manufacturing facility let to Smurfit Kappa, which is currently occupied by inspirepac, a national corrugated packaging company acquired from the Logson Group in 2014.
The sales also include the 52,000 sq ft distribution warehouse at Markham Vale East which is let to Gould Alloys, one of the fastest growing specialist metals stockholders in the country. The sale to Aviva follows the successful £36million forward funding deal of Great Bear’s 480,000 sq ft new distribution facility by M&G Real Estate earlier this year.
Ben Ward, Director at Henry Boot Developments, said
“The demand for these fully let investments demonstrates the confidence in Markham Vale as a location of choice for both occupiers and investors.
We are extremely pleased with the recent deals announced this year, and with our next phase of development currently underway, we are offering a wealth of opportunities for investors and occupiers at Markham Vale.”
Markham Vale’s strategic location adjacent to Junction 29a of the M1 alongside its Enterprise Zone status has seen excellent levels of take up over the last couple of years. The next phase of development, Markham Vale North, is currently being prepared for development and there is already a strong interest from a number of parties for large scale distribution buildings.”
Burbage Realty and JLL represented Henry Boot Developments in the latest Aviva investment deal.