John Wiley’s 298,600 sq ft warehouse in Bognor Regis has been sold to LondonMetric Property for £17.8 million.
Wiley serves multiple publishers from the site, which serves as an automated distribution facility, and will continue to expand on that enterprise going forward.
The building is let for a further two years at a rent of £1.7 million a year to academic book publisher Wiley.
Simultaneous with purchase, Wiley has signed a 15 year reversionary lease with LondonMetric, commencing in 2021, at a rent of £2 million a year (£6.50 psf).
LondonMetric will fund improvement works to the building totalling £1.4 million.
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