Orchard Street sells Logix Park, Hinckley

Orchard Street Investment Management LLP (Orchard Street), the specialist commercial property investment manager, announces that it has sold unit 5, Logix Park in Hinckley, Leicestershire to Cabot Properties for £23.2 million, reflecting a net initial yield of 8.1%. The transaction was completed on behalf of St James’s Place property funds.

The 362,000 sq ft distribution warehouse is let to logistics service provider Syncreon Technology (UK) Ltd, on a 6.5 year lease for an annual rent of around £2 million. Situated in the ‘Golden Triangle’ of the UK distribution industry, immediately adjacent to the A5 and close to Junction 1 of the M69 and Junction 10 of the M42, Logix Park provides excellent transport links to the rest of the UK.

Commenting on the sale Richard Walters of Orchard Street, said:

"We are delighted with the sale price achieved. This follows the completion of our business plan for the asset, which was a re-gear of the lease that removed the break clause and extended the term certain."

Knight Frank acted for the vendor and CBRE for the purchaser.