Redman Heenan Properties, the investment subsidiary of St Modwen Properties, has disposed of a long leasehold interest in a 22,345sq m warehouse at Stafford Park 10, Telford, to the Merrill Lynch Property Fund for £10.4M. The deal represents a net initial yield of 7.85%
The warehouse and an adjoining lorry park were let to Wincanton Holdings on leases incorporating tenants breaks but otherwise expiring in November 2007 at a rent of £866,841 per annum.
It was formerly part of an industrial complex operated by Tatung (UK) at Stafford Park 10, about 1.5 miles from J4 of the M54.
St Modwen acquired the complex in January 2001, converted the two-storey factory into a high-bay warehouse now occupied by Argos, and refurbished the separate office building. It sold the offices to Telford and Wrekin Council earlier this year and has now sold its remaining interest in the site.
