June 13, 2024
Bradda Capital, the UK real estate investment adviser, has sold a prime-single let logistics warehouse in Gemini West Business Park, Warrington, for £5.4m.
Comprising 44,810 sqft of prime logistics space occupied by DX Network Services Limited, located between Junctions 8 and 9 of the M62, at the intersection of the M6 and M56 at the heart of the North-West Region, a metropolitan area with a combined population of 5.6 million.
Bradda was advised by JLL.
David Phillips, managing director of Bradda Capital, said: “We are very pleased to have closed the sale of this property bought for income only 4 years ago at the depth of the first Covid lockdown and a stalled sales process, at a rent passing of £5.71 psf. As a result of a successful rent review to £8.75 psf in January 2024 and the continued investor demand for prime logistics assets, we decided to sell the asset. Following its successful completion, this asset has generated a gross levered IRR of 25% to our shareholders, which is a fantastic result and a testament to the quality of the assets that we target and the execution capability of our team”.
FURTHER INFORMATION:
Bradda Capital
David Phillips 01444 472530
Bradda Capital
Founded in 2018, Bradda Capital, and its predecessor, Commercial Management Ltd, have sourced and assisted with structured investment and financing of UK commercial real estate on behalf of the same investors for more than 30 years. They have created several institutional-size portfolios of London and regional offices, shopping centres, warehouses and elderly care, the latter consisting of the Retirement Villages Group, which was sold to AXA IM - Real Assets in 2017.
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