A 376,228 sq ft warehouse in Warrington has been sold to Griffin Logistics by DTZ Investors for £21.4m.

Situated on Hawleys Lane next to Winwick Quay Industrial Estate, the property is fully let to Eddie Stobart, with an unexpired lease term of ten years.

Eddie Stobart currently operates 13 contracts from the site including Tesco Direct, TATA Chemicals and Dobbies Garden Centre.

The purchase price reflects a net intial yield of 8.24 per cent.

Cushman & Wakefield advised DTZ Investors on the deal.

Craig Barton, director at Cushman & Wakefield, said: "The price achieved demonstrates the strong investor appetite for a high-quality industrial investment in a strategically important location, let to a strong covenant."

source: InsiderMedia