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A massive fully-let logistics warehouse at Magna Park Lutterworth has been sold to specialist property investor Ergo Real Estate for just shy of £40 million.

Magna Park Lutterworth

The 464,824 sq ft cross-docked facility, is let jointly to Renault UK and Nissan until June 2028 at a rent of £5.75/sq ft with a tenant break option in June 2023 and was sold for £39.75 million. It has an additional six acres of expansion land.

The buyer acquired the property on behalf of Aver Property LP, its joint venture with NFU Mutual. The price reflects a net initial yield of 6.48% and a capital value of £85.62/sq ft.

Aver Property was advised by Colliers, while the vendor was advised by Altus Group.