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Redhouse Interchange Warehouse Sells for $70M

LONDON-Sydney & London Properties has bought a 793,000-sf distribution unit on a greenfield site near Doncaster for pounds 40 million ($70 million) from the developer Scarborough Property Group.

By John Ryan | Updated on December 16, 2003

LONDON-A 793,000-sf distribution warehouse on one of northern England’s largest greenfield sites has been sold for pounds 40 million ($70 million). The deal, which sees ownership of the nearly-built unit on the Redhouse Interchange pass from Scarborough Development Group into the hands of Sydney & London Properties, represents an initial yield of around 7%.

The unit is pre-let to DIY giant B&Q on a 20-year lease with a break option from the 15th year at an initial rent of £2.9 million ($5 million). Upon completion of construction this month, B&Q will operate from 20,000 sf of offices and 770,000 sf of warehouse space on a 53-acre site.

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