A 84,000 sq ft distribution warehouse in Doncaster has been sold alongside an office in a combined deal worth £11.6 million.
LondonMetric Property said that the Doncaster warehouse has been let to Croda for a further two years.
The building has been sold for £5.9 million at a NIY of 7.0%. It was acquired in August 2017 and has delivered an ungeared IRR of 11% pa.
The office, meanwhile, is located in Leicester.
“Following our recently announced forward funding of Croda’s new long let distribution hub, we decided to monetise their existing facility which has two years remaining on the lease,” said Andrew Jones, Chief Executive of LondonMetric.
FSP acted for LondonMetric on Leicester. On Doncaster, JLL advised LondonMetric and ACRE advised the purchaser.