CPP leases 270,000 sq ft at Nimbus Park, Doncaster & sells investment for £30.5m
August 6th, 2021
Commercial Property Partners (CPP), has completed two industrial unit lettings at Nimbus Park in Doncaster, a combined area of 270,875 sq ftand simultaneously sold the investment to CBRE Global Investors for £30.5m - the world’s largest real asset investment management firms, on behalf of Unilever Pension Fund.
Nimbus Park comprises two new build, grade A logistics facilities providing 164,366 and 106,509 sq ft respectively. The units were speculatively developed by Sladen Estates Ltd on behalf of AIG.
CPP secured 10-year leases with Tile Giant Ltd and The Mosaic Tile Co Ltd at a rent of £5.25psf on both units.
Tile Giant Ltd, one of the UK’s largest tile retailers, and the Mosaic Tile Company Ltd, a key importer and distributor of natural stone, glass, porcelain, and ceramics, will be joining nearby occupants including retail giant The Range and car manufacturer BMW.
Toby Vernon, Director at CPP, commented: “This deal reflects a fantastic result for our client, indicative of the strength of the warehouse market at this time. The two Grade A logistics units are built to a very high standard.. Located just two minutes from the M18 via Junction 6, the site is well connected to the M62, M1, A1(M) and the wider UK road network. Nimbus Park further benefits from its proximity to several airports, including DSA, Leeds Bradford and East Midlands Airports.”
Roger Haworth, Director at CPP, added: “Investor demand for logistics units remains strong across the Yorkshire region as reflected by the competitive bidding and great price achieved. Constructed in 2019 the units are high-spec with a Grade A specification and offer an ideal location for the new tenants. The price we achieved, £30.5m reflects a net initial yield of 4.36% which is a excellent outcome for our client.”