€12.25m UK warehouse for Blackrock

Blackrock International Land plc has announced that it has exchanged contracts to purchase an office and warehouse facility in Milton Keynes in the UK for a total outlay, including costs, of €12.25m

The facility comprises two separate buildings on a six acre site strategically located just north east of Milton Keynes, adjacent to the M1 Motorway, with easy access to the M6, M25 and M40.

The warehouse building of 65,300 square feet, including 2,700 square feet of offices, is let to a major UK furniture retailer on a full repairing and insuring (FRI) lease, expiring in 2016.

The office building of 24,200 square feet, together with 155 car parking spaces, is let to an international motor manufacturer on an FRI lease expiring in 2008, which the tenant is seeking to extend. The site includes 1.2 acres of additional lands suitable for future development. The current passing rent reflects a net initial yield of 6.85%.