Midlands-based Holt Commercial has concluded the sale of a ‘last mile’ logistics unit in Coventry for more than £2 million to Citivest, which went straight to completion.
The unit, in Padstow Road off Torrington Avenue, includes 23,481 sq ft of warehouse and office space and 3,374 sq ft covered loading area, and was sold following competitive bids.
The property is occupied and leased to Overseas Courier Services for a term ending in October 2024, at a current rent of £140,000 per annum.
The property, which included two covered loading areas with four dock levellers, was on the market for offers in excess of £2 million.
Holt Commercial acted for the seller, a private pension scheme, and Avison Young acted for the buyer, Citivest Limited.
David Allen, of Holt Commercial, said: “This sale yet again emphasises the strength and depth of investment demand in the industrial and logistics sector, and the growth of ‘last mile’ logistics continues to be strong.”
Alex Darlington, of Avison Young, said: “The limited supply of good quality stock in this location, together with the reversionary rent made this an attractive opportunity.”
Matt Sugar, Director of Citivest, said: “We’re delighted to have completed the purchase of this last mile logistics opportunity in a sector with strong market fundamentals. This acquisition strengthens our growing portfolio as we continue to look for new opportunities.”