Pre-let and disposal of industrial unit in Minworth for Rockspring
Forsters has recently advised Rockspring Hanover Property Unit Trust on the letting and subsequent sale of a 103,000 square foot industrial unit in Minworth, Sutton Coldfield. The unit was let to DHL International (UK) Limited on a 15 year lease at an initial annual rent of £667,875 per annum. Following completion of the lease, it was sold to Portsmouth City Council at a price of £12.4 million and a yield of 5.05%.
Property Week Magazine has highlighted this transaction as evidence of the continued strength in value of industrial property following BREXIT, stating "Prime industrial and logistics stock is expected to hold its value following the vote, as demand for assets let on long leases to strong retail covenants remains robust." (http://www.propertyweek.com/news/industrial-and-logistics-assets-hold-pre-brexit-vote-values/5083971.article)
Commercial Real Estate partner Martin Halling advised on the letting.
Commercial Real Estate partner Victoria Towers acted on the sale assisted by Hannah Rickard and Richard Spring advised on construction matters, assisted by Rebecca Meade.