2 June 2014The Parks Trust, a self-financing charity which has a national property portfolio worth more than £73 million and the income from this, and other investments, funds the care of more than 5,000 acres of Milton Keynes' parks and green spaces, has completed the purchase of Oxwich Close, Northampton a warehouse investment on Brackmills Industrial Estate in Northampton for £1.98 million from owner occupiers Dachser.
The freehold property was being offered with vacant possession, however, The Parks Trust proactively agreed a simultaneous letting to DX, a leading independent mail, parcels and logistics end to end network operator in the UK and Ireland, which has been searching for a warehouse in the vicinity, creating an investment with a Net Initial Yield of 9%.
Tom Forman, surveyor at Carter Jonas who acted on behalf of The Parks Trust, commented: “Not only does the property provide an excellent investment over the term of the lease being let to a good covenant on full repairing terms, but it also benefits from low site coverage ensuring its longer term re-lettability as these are increasingly in demand and in short supply.”
Whilst a significant proportion of the Trust’s property portfolio is based in Milton Keynes, the charity is actively funding developments and acquiring new investments throughout the UK. Recent other acquisitions include amongst others: a new 83 bedroom Travelodge at Winnersh Triangle in Reading, Premier Inn in Wrexham and Student Accommodation and Sainsburys in Glasgow.
Carter Jonas and Hadlands represented The Parks Trust which jointly sourced the off market opportunity. Burbage Realty acted for the vendor and The Property Department acted for the occupier, DX.