Acting on behalf of David Samuel Asset Management, Ryden has purchased the Freehold Interest in a distribution warehouse at 35 Moy Road, Armagh, Northern Ireland. The property, with an initial quoting price of £6.55m, NIY 7%, was sold for an undisclosed sum by Silverwood Group.
The modern high quality unit, constructed in 2017, is an extensive warehouse and office building which extends circa 85,000 sq ft, occupying a self-contained site encompassing 5.8 acres and including 120 parking spaces.
It is currently let to Bunzl UK Limited on FRI terms expiring in July 2037, with tenant break options in 2030 and 2034. The current passing rent is £489,000 per annum and rent reviews are five yearly, compounded annually to RPI with a collar and cap of 2% and 4% respectively.
Derek Archer of Ryden commented on the deal:
“We were delighted to assist David Samuel Asset Management in this transaction. The property is a good fit for our client’s investment requirements. Bunzl had a long standing requirement for a distribution hub in this location. This facility meets their long term operational needs.”
Ryden represented David Samuel Asset management in this transaction, whilst Savills acted for Silverwood Group.