15 June 2017
Barwood Capital, with development partner db symmetry, a specialist real estate investment, development and advisory company, have sold Aquila 120, a 120,000 sq ft warehouse and manufacturing facility at Huyton Business Park in Knowsley, Merseyside to London Metric Property Plc for £11.76 million.
Aquila 120 has been let to Antolin Interiors, part of Grupo Antolin, the global manufacturer of car interiors, on a 15 year lease at a headline rent of £5.15 per sq ft with additional rent from the yard area and refurbishment works. The deal represented a net initial yield of 5.9%.
Aquila 120 is located adjacent to Junction 6 of the M62 and Junction 1 of the M57 and is an excellent location for the supply chain to the automotive industry.
Barwood Capital and db symmetry acquired the scheme from CBRE Investors in 2014, in a deal worth £5.2million as part of the Barwood 2012 Property Fund. Following the successful negotiation of an early surrender premium, the joint venture invested a further £2.5million in its refurbishment, bringing the scheme up to a rating of BREEAM Very Good. The project has been supported with £2.3m from the Chrysalis Fund, which was launched in March 2012 to kick start regeneration across Merseyside.
Danielle Shepherd, investment director, Barwood Capital said: “We are delighted to have agreed the sale of Aquila 120 to LondonMetric for what is great building in an excellent location in the North West. Having secured Grupo Antolin as the building’s tenant, there will be various fit out works to meet their requirements. We are thrilled to be able to deliver significant returns to our 2012 Fund’s investors, underlying the continued strength of the UK’s regional commercial property market, in particular for well-located manufacturing and distribution facilities.”
CBRE acted on behalf of Barwood Capital & db symmetry; JLL acted on behalf of London Metric.