Aubrey Adams joins the Board of Tritax Big Box REIT as Non-Executive Director

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We own and manage some of the UK’s most sought-after Big Boxes. Our portfolio is well diversified by size, geography and tenant. The assets are typically modern, occupy prime locations and are fully let on long leases to tenants with excellent covenant strength.

Our tenants include some of the biggest names in retail, logistics, consumer products and automotive. We believe these factors give us one of the highest quality portfolios in the UK quoted real estate sector and underpin our strategy to deliver low risk and growing income.

£2.10bn
19.5m sq ft
100%
£108.65m pa
15.1 years
5.7%

Our Properties

Amazon, Peterborough

Cambridgeshire

Key Facts

Acquisition price: £42.9 million
Net initial yield: 5.6%
GIA: 549,788 sq ft
Eaves height: 15 metres
Lease expiry: March 2025
Acquisition date: August 2016

Further Information

Further Information

  • This distribution centre was built to a high specification in 2006, comprising an eaves height of 15 metres, offices, a secure HGV trailer park and extensive parking.
  • The facility has a gross internal floor area of 549,788 sq ft with a low site cover of approximately 42%.
  •  The distribution centre has benefited from significant capital investment from the tenant with further initiatives currently under way.
  •  Kingston Park, Peterborough is well positioned in a core logistics location with excellent motorway connectivity across the UK, located just off junction 17 of the A1(M), and links to the M1 (via A47) and A14, which provides a direct route to the Port of Felixstowe and the Midlands.

Argos, Burton-on-Trent

Staffordshire

Key Facts

Acquisition price: £74.65 million
Net initial yield: 5.55%
GIA: 653,670 sq ft
Eaves height: 12-30 metres
Lease expiry: March 2028
Acquisition date: March 2016

Further Information

Further Information

  • This distribution centre incorporates modern design features including an eaves height of between 12 and 30 metres, ancillary office accommodation, extensive loading and has benefited from significant capital investment by the tenant including substantial internal automation systems.
  • Facility comprises 653,670 sq ft, arranged over c.26 acres, providing a site cover of approximately 56%.
  • Well positioned in Staffordshire in the West Midlands, a core central UK location, with excellent motorway connectivity, strategically located adjacent to the A38 dual carriageway providing direct access to the M6 Toll, M42 (Junctions 9 to 11) and via the A50.

Argos, Heywood

Manchester

Key Facts

Acquisition price: £34.10 million
Net initial yield: 5.31%
GIA: 495, 441 sq ft
Eaves height: 13.5 metres
Built: 1998
Lease expiry: March 2028
Acquisition date: April 2015

Further Information

Further Information

  • A high-specification facility incorporating modern design features such as cross docking, has an eaves height of 15.2 metres.
  • Strategically located on the A58 trunk road linking Leeds and Manchester, approximately seven miles north of Manchester city centre and junction 18 of the M62 motorway is two miles to the south, providing good access to the North-West of England and the wider trans-Pennine motorway network.
  • The North-West saw the highest levels of take-up during 2014 with major tenants, such as Travis Perkins, ASDA, The Hut, Nice Pak, B&M and DHL committing within region.
  • Argos, who have captured the recent surge in e-retailing and click and collect concept, provides further covenant diversification to the portfolio.
  • Low site cover of 46%.

B&Q Plc, Worksop

Nottinghamshire

Key Facts

Acquisition price: £89.75 million
Net initial yield: 5.13%
GIA: 880,175 sq ft
Eaves height: 24-14 metres
Built: 2005
Lease expiry: November 2031
Acquisition date: April 2015

Further Information

Further Information

  • Developed by B&Q in 2005 this asset boasts strong property fundamentals incorporating modern design features, automated racking system in high bay area, 360 degree circulation and cross docking.
  • Situated in the East Midlands adjacent to Manton Wood Industrial Estate, directly between the M1 (J30) and A1.
  • Exceptional low site cover of 24% and potential for connectivity to rail head and access to rail distribution.
  • Five yearly rent reviews to the higher of Open Market Rent or RPI (capped 5% pa).
  • The unit is B&Q’s National Core Products Distribution Centre and is designed to deal with managing B&Q’s wide product range (c.60% of UK stock by value).
  • It is the largest building in the UK to achieve a BREEAM rating of “Excellent”. The development was a winner of an award in the industrial category at the IAS/OAS Property Awards 2006.

Brake Bros Ltd, Bristol

North Somerset

Key Facts

Acquisition price: £25.20 million
Net initial yield: 5.15%
GIA: 250,763 sq ft
Eaves: 11 metres
Lease expiry: March 2046
Acquisition date: March 2016

Further Information

Further Information

  • Well positioned in a core South-West location with excellent motorway connectivity, at junction 19 of the M5, seven miles from the M4.
  • New lease taken by Brake Bros in March 2016 for approximately 30 years.
  • Rent reviews five yearly and linked to annual RPI with a cap of 5%.
  • Low site density of c.32%, offers the opportunity of expansion.

Brake Bros Ltd, Harlow

Essex

Key Facts

Acquisition price: £37.18 million
Net initial yield: 5.00%
GIA: 276,213 sq ft
Eaves: 11 metres
Built: 1988
Lease expiry: July 2039
Acquisition date: June 2015

Further Information

Further Information

  • One of the main regional distribution centres for Brake Bros Ltd in the UK, strategically located in a core South East location, close to the M11, the M25 and Central London, providing distribution across the South-East.
  • New lease taken by Brake Bros in July 2014, committing to a 25-year term.
  • Rent reviews five yearly and linked to annual RPI with a cap of 5%.
  • Currently undergoing comprehensive refurbishment, financed by the tenant.
  • Low site density of c.37%, offers the opportunity of expansion.

Co-operative Group, Thurrock

Essex

Key Facts

Acquisition price: £56.5 million
Net initial yield: 5.53%
GIA: 322,684 sq ft
Eaves height: 15 metres
Lease expiry: March 2025
Acquisition date: October 2016

Further Information

Further Information

  • The facility is one of the Co-Op’s six strategic UK distribution hubs and the only one located in the South East.
  • Built to a high specification in 2005, comprising ancillary offices, secure yards, extensive decked parking and has benefited from significant capital investment from the tenant.
  • The adjacent lorry parking facility, which has development potential and covers a separate c.4.10 acres, was constructed in 2012.
  • Strategically located just off J31 of the M25, benefiting from excellent access to the wider motorway network including access to Central and Greater London and the South-East as well as the deep sea ports of London Gateway and the Port of Tilbury.
  • The distribution warehouse is subject to five yearly upward-only rent reviews to the higher of either a guaranteed fixed uplift of 2% pa or open market rent. The lorry parking facility is let on five yearly fixed rent increases equivalent to 2.5% pa. The next review for the warehouse is due in December 2020. The next rent review for the lorry parking facility is due in May 2018.

DHL, Langley Mill

Nottinghamshire

Key Facts

Acquisition price: £17.53 million
Net initial yield: 6.50%
GIA: 255,680 sq ft
Eaves height: 12 metres
Built: 2006
Lease expiry: August 2024
Acquisition date: August 2014

Further Information

Further Information

  • Modern, high-specification distribution facility with ancillary offices and extensive parking over 13.24 acres, plus low site cover of c.45%.
  • Well located, approximately eight miles north-west of Nottingham, and accessed from Junction 26 of the M1 motorway.
  • Centrally located in the UK, to allow for optimum distribution coverage within the maximum HGV drive time.
  • Tenant committed significant further capital expenditure to fit the unit out, in order to fulfil a new national distribution contract.
  • Next open market rent review May 2018.

DHL, Skelmersdale

Lancashire

Key Facts

Acquisition price: £28.87 million
Net initial yield: 6.50%
GIA: 470,385 sq ft
Eaves height: 12.75 metres
Built: 2003
Lease expiry: August 2024
Acquisition date: August 2014

Further Information

Further Information

  • Highly specified and fully fitted distribution facility, with ancillary offices and extensive parking over 29.5 acres, plus low site cover of c.36%.
  • Strategically located approximately one mile from Junction 4 of the M58 motorway and five miles from Junction 6 of the M6.
  • Port of Liverpool is approximately 14 miles away, where construction is under way on a new container port capable of bringing some of the world’s largest container ships to the North-West region.
  • DHL has committed significant capital expenditure to fit the unit out, in order to fulfil a new distribution contract; the unit will also operate as a multi-contracted facility.
  • Next open market rent review August 2019.

DSG Retail PLC, Newark

Nottinghamshire

Key Facts

Acquisition price: £77.30 million
Net initial yield: 5.86%
GIA: 725,799 sq ft
Eaves height: 12.25 metres
Lease expiry: March 2036
Acquisition date: May 2016

Further Information

Further Information

  • Strategically located two minutes from the A1 and A46 interchange providing good motorway connectivity north and south via the A1/A1(M) and onto the M1, this facility was purpose built to a high specification for DSG in 2003 and includes extensive parking and a substantial service yard.
  • This national distribution centre forms part of DSG’s principal hub for direct store replenishment, home deliveries and returns, it also accommodates DSG’s main service repair centre which has benefited from significant capital investment.
  • The property has an unexpired lease term of approximately 20 years and benefits from 3% pa fixed rental increases received every five years.

Dunelm (Soft Furnishings) Ltd, Stoke

Staffordshire

Key Facts

Acquisition price: £43.43 million
Net initial yield: 5.47%
GIA: 526,953 sq ft
Eaves height: 15 metres
Built: February 2016
Lease expiry: February 2026
Acquisition date: June 2015

Further Information

Further Information

  • Strategically located at Prologis Park Sideway, Stoke-on-Trent, approximately two miles from J15 and J16 of the M6 on the A500 dual carriageway, which connects to the A50 and A52 providing a key east west link between the M6 and M1 motorways.
  • The site’s central UK location, excellent road connections and proximity to the Port of Liverpool, Manchester and Birmingham airports have attracted major distribution occupiers to the area, including Sainsbury’s, T.K. Maxx, Asda, JCB, BMW, Michelin and Marks & Spencer.
  • Dunelm also intends to commit significant capital into this new property. Dunelm already occupies two smaller units at nearby Prologis Park Stoke, together totalling approximately 500,000 sq ft.
  • When combined with this new site, these three buildings, totalling approximately 1 m sq ft, will form Dunelm’s national distribution centre for the whole of the UK.

Euro Car Parts, Birmingham

Staffordshire

Key Facts

Acquisition price: £80.14 million
Net initial yield: 5.04%
GIA: 780,977 sq ft
Eaves height: 18 metres
Built: January 2016
Lease expiry: 2036
Acquisition date: October 2016

Further Information

Further Information

  • Purpose-built to a high specification completed in January 2016 for Euro Car Parts as its new main National Distribution facility, the property has benefited from significant capital investment from the tenant.
  • Birch Coppice Business Park, Birmingham, located within the Golden Triangle of logistics, is one of the UK’s premier rail connected distribution parks, with direct access to the Birmingham Intermodal Freight Terminal, one of the UK’s most efficient rail freight terminals.
  • The property also has excellent airport and motorway connectivity with close proximity to the M6, M1, M69 and M6 as well as Birmingham International and East Midlands airports.
  • The lease is subject to five yearly upward only rent reviews indexed to the Retail Price Index (capped and collared at 2% p.a. and 4% p.a. compound). The next rent review is due in January 2021.
  • The passing rent is £5.48 per sq ft which could be considered reversionary against recent market transactions.

Gestamp, Wolverhampton

West Midlands

Key Facts

Acquisition price: £56.30 million
Net initial yield: 5.14%
GIA: 545,998 sq ft
Eaves height: 15-12 metres
Lease expiry: March 2028
Acquisition date: August 2016

Further Information

Further Information

  • This site is strategically located in the West Midlands, close to J12 of the M6, providing good access to Birmingham and Nottingham.
  • The new facility will include modern specifications and will comprise a GIA of 543,692 sq ft with expansion land to accommodate up to a further 101,139 sq ft.
  • Agreement has been reached with a leading global designer and manufacturer of metal components and assemblies to enter into a new 25-year lease for the new facility, conditional upon detailed planning consent. The lease will be subject to five yearly upward-only rent reviews indexed to the Retail Price Index, providing a minimum 2% pa rental growth (capped at 4% pa).
  • Main works is expected to commence during September 2016 with practical completion anticipated for July 2017.

Hachette, Didcot

Oxfordshire

Key Facts

 

Acquisition price: £29.24 million
Net initial yield: 5.82%
GIA: c.242,067 sq ft
Eaves height: 20 metres
Built: Completed 21 July 2017
Lease expiry: July 2032
Acquisition date: 22 February 2017

 

Further Information

Further Information

  • The Company completed the land purchase and exchanged contracts to provide forward funding for the development of a new national and global distribution centre at Signia Park, Didcot, Oxfordshire, pre-let to Hachette, a leading UK publishing company.
  • The site is situated in a core South East logistics location, which benefits from good road and rail connectivity via the A34, M4 and M40 motorways and Didcot Parkway Rail Station, respectively. Didcot has attracted a number of occupiers including Screwfix, XPO Logistics, and BetterBathrooms, as well as Tesco (occupying the Tesco Didcot Big Box).
  • Purpose-built to a high specification, the property will benefit from significant capital investment from the tenant, including high levels of automation. Upon practical completion of the Hachette Forward Funded Development, targeted for July 2017, the property will be leased to Hachette on a new 15-year lease, subject to five yearly upward only open market rent reviews. During the construction phase, the Company will receive an income return equivalent to the agreed rent from the developer.

Howden Joinery Group (No1), Raunds

Northamptonshire

Key Facts

Acquisition price: £67.00 million
Net initial yield: 5.03%
GIA: 658,971 sq ft
Eaves height: 15 metres
Built: Achieved practical completion on 27 June 2016
Lease expiry: June 2046
Acquisition date: October 2015

Further Information

Further Information

  • A high specification facility incorporating modern design features such as cross docking, has an eaves height of 15 metres.
  • Strategically located at Warth Park in Raunds, Northamptonshire on the A45 corridor approximately three miles from J13 of the A14, which provides access to the ports of Felixstowe and Harwich and also directly links to the A1(M) dual carriageway and the M1 motorway.
  • The site is also close to Northampton and Thrapston, which have a strong Big Box logistics presence and demand, with existing major distribution tenants including Homebase, Morrisons and Primark.
  • Low site cover of 46%.

Howden Joinery Group (No2), Raunds

Northamptonshire

Key Facts

Acquisition price: £69.90 million
Net initial yield: 5.1%
GIA: 657,000 sq ft
Eaves height: 15 metres
Built: Practical completion targeted for August 2018
Lease expiry: 30 years from practical completion
Acquisition date: December 2016

Further Information

Further Information

  •  A strategically important facility. This asset along with two other Big Boxes at the same location, forms part of a centre of excellence for Howden’s supply chain operations which is expected to deliver very significant operational and efficiency benefits.
  • This high specification facility incorporates modern design features such as cross docking, with an eaves height of 15 metres.
  • Located at the established logistics park in Raunds, Northamptonshire on the A45 corridor approximately three miles from J13 of the A14, which provides access to the ports of Felixstowe and Harwich and also directly links to the A1(M) dual carriageway and the M1 motorway.
  • The site is also close to Northampton and Thrapston, which have a strong Big Box logistics presence and demand, with existing major distribution tenants including Homebase, Morrisons and Primark.
  • Within close proximity to the south east and the area benefits from a good labour supply
  • Low site cover of 52%.

Howden Joinery Group (No3), Raunds

Northamptonshire

Key Facts

Acquisition price: £31.90 million
Net initial yield: 5.1%
GIA: 300,000 sq ft
Eaves height: 15 metres
Built: Practical completion targeted for August 2018
Lease expiry: 30 years from practical completion
Acquisition date: December 2016

Further Information

Further Information

  • A strategically important facility. This asset along with two other Big Boxes at the same location, forms part of a centre of excellence for Howden’s supply chain operations which is expected to deliver very significant operational and efficiency benefits.
  • A high specification facility incorporating modern design features such as single sided docking, has an eaves height of 15 metres.
  • Strategically located at Warth Park in Raunds, Northamptonshire on the A45 corridor approximately three miles from J13 of the A14, which provides access to the ports of Felixstowe and Harwich and also directly links to the A1(M) dual carriageway and the M1 motorway.
  • The site is also close to Northampton and Thrapston, which have a strong Big Box logistics presence and demand, with existing major distribution tenants including Homebase, Morrisons and Primark.
  • Low site cover of 57%.

Kellogg’s, Manchester

Trafford Park

Key Facts

Acquisition price: £23.50 million
Net initial yield: 5.93%
GIA: 311,602 sq ft
Eaves height: c.15 metres
Built: 2007
Lease expiry: May 2018
Acquisition date: August 2016

Further Information

Further Information

  • The asset was built to a high specification in 2007 and includes an eaves height of c.15 metres, offices and extensive parking and loading facilities.
  • It has also benefited from significant capital investment including recent investment to improve racking efficiency.
  • The facility has a gross internal floor area of 311,602 sq ft and a site cover of approximately 46%.
  • Located at Trafford Park, Manchester, one of the largest and most successful business parks in Europe with one of the highest concentrations of industrial and logistics facilities in the UK, principally due to its excellent rail, shipping and airport connectivity together with its proximity to the greater Manchester conurbation.
  • It has a dedicated rail freight terminal, which is the largest in the North-West, running straight through to mainland Europe, direct access to the M60 and the Manchester Ship Canal and Manchester International Airport.

Kuehne+Nagel Limited, Derby

Derbyshire

Key Facts

Acquisition price: £29.27 million
Net initial yield: 6.00%
GIA: 343,248 sq ft
Eaves: 12 metres
Built: 1997, extended 1999
Lease expiry: March 2028
Acquisition date: December 2014

Further Information

Further Information

  • Dove Valley Park is a major 200 acre industrial/distribution estate situated in an established distribution location in the North Midlands, close to East Midlands Airport and Birmingham Rail Freights, with direct access onto the A50 dual carriageway linking the M6 and M1.
  • Property is leased to Kuehne+Nagel Limited and guaranteed by Hays plc, a global recruitment company.
  • Low site cover of c.43%.
  • Next open market rent review late March 2017.

L’Óreal (UK) Limited, Trafford Park

Manchester

Key Facts

Acquisition price: £25.83 million
Net initial yield: 7.13%
GIA: 315,118 sq ft
Eaves: 10.2 metres
Built: 2004, extended 2013
Lease expiry: August 2019
Acquisition date: December 2014

Further Information

Further Information

  • Property located in one of Europe’s largest and most successful business parks, with direct access to the M60 and the Manchester Ship Canal.
  • Trafford Park benefits from the North-West’s largest rail freight terminal, running straight through to mainland Europe.
  • Potential asset management opportunities identified.
  • Rent reviewed annually, upwards only at 3% pa compound.
  • Tenant extension of 53,859 sq ft reflects 315,118 sq ft in total equating to an underlying rent of £6.18 sq ft.
  • Low site cover of c.45%.

Marks & Spencer, Castle Donington

Leicestershire

Key Facts

Acquisition price: £82.58 million
Net initial yield: 5.20%
GIA: 906,240 sq ft
Eaves height: 25 metres
Built: 2011
Lease expiry: December 2036
Acquisition date: December 2013

Further Information

Further Information

  • Newly developed building bespoke for M&S, providing modern design features such as very high eaves, energy efficient systems and dedicated rail freight terminal and sidings.
  • Strategically located for transportation via road (M1), rail and air, for central UK distribution for e-commerce.
  • M&S has committed significant capital expenditure to the unit, creating multiple mezzanine floors and highly sophisticated automated picking and handling equipment.
  • Rent is reviewed upwards only to open market value, with a minimum increase equivalent to 1.5% pa and compounded five yearly, currently passing off a low base rent which we believe is reversionary on the open market.
  • Low site cover of c.41% gives potential for extension and/or a rail terminal building.
  • Next open market rent review December 2016.

Matalan, Liverpool

Knowsley Business Park

Key Facts

Acquisition price: £42.38 million
Net initial yield: 6.27%
GIA: 578,127 sq ft
Eaves height: 15 metres
Built: 2006 extended 2014
Lease expiry: September 2036
Acquisition date: December 2015

Further Information

Further Information

  • Located in Knowsley Business Park, Liverpool, in close proximity to the M6 and M58, near the port of Liverpool and Manchester and Liverpool airports providing excellent transport links across the North-West of England.
  • Located in one of the largest industrial parks in Europe at 1,200 acres and is home to over 1,000 companies and major occupiers such as DHL, Amazon and B&M.
  • The distribution centre is located adjacent to a newly constructed 115,000 sq ft office building occupied by Matalan and together they form Matalan’s headquarters facility.
  • The tenant has invested significant capital into the property, creating an advanced automated clothing conveyor belt system across four mezzanine floors.

Morrisons, Birmingham

Staffordshire

Key Facts

Acquisition price: £92.33 million
Net initial yield: 5.25% on the asset acquisition
GIA: c.814,329 sq ft
Eaves height: c.16 metres
Lease expiry: May 2038
Acquisition Date: 9 June 2017

Further Information

Further Information

  • Situated at Birch Coppice Business Park, Dordon, this high specification Big Box was built in 2012 for Ocado and comprises one of its four principal temperature controlled Customer Fulfilment centres.
  • It is operated by Ocado Limited (“Ocado”) and serves both Ocado’s and Wm Morrison Supermarkets Plc’s (“Morrisons”) online retail businesses. Morrisons is the guarantor.
  • The building has a gross internal area, including the mezzanine floors, of over 700,000 sq ft, an eaves height of 16 metres and a low site cover of c.23 %.
  • The building has benefited from significant capital investment incorporating a high level of automation. The investment has been acquired with an unexpired lease term of approximately 21 years (with no tenant break), subject to annual upward only rent reviews indexed to the Consumer Price Index and capped at 3.5%.

Morrisons, Sittingbourne

Kent

Key Facts

Acquisition price: £97.80 million
Net initial yield: 5.20%
GIA: 919,443 sq ft
Eaves height: 12.2 metres
Built: 2009
Lease expiry: June 2039
Acquisition date: June 2014

Further Information

Further Information

  • Unit was developed in 2009 and provides modern design features.
  • Strategically located four miles from Junction 5 of the M2 and 28 miles south-east of the M25 (approximately 30 minutes to City of London), and close to rail and container port facilities.
  • Unit is Morrisons’ principal south-east regional distribution facility, supplying 85 superstores with chilled, ambient and cold goods.
  • Rent is reviewed to RPI capped at 2.0% and paid annually, which provides for long-term growth.
  • Low site cover of c.42%.
  • Potential asset management opportunities identified.

New Look Retailers Ltd, Newcastle-under-Lyme

Staffordshire

Key Facts

Acquisition price: £30.05 million
Net initial yield: 5.90%
GIA: 398,618 sq ft
Eaves: 12-15 metres
Built: 2007 and extended in 2011
Lease expiry: January 2025
Acquisition date: May 2015

Further Information

Further Information

  • Constructed in 2007 and extended in 2011, this asset is one of two National and European Distribution Centres for New Look Retailers Ltd.
  • This modern and highly specified distribution centre has multiple mezzanine floors and an eaves height of up to 15 metres. The tenant has invested significantly into the property, creating one of the most advanced automated clothing distribution facilities in the UK.
  • Situated in a major UK distribution location close to J15 and J16 of the M6, it is equidistant to Manchester and Birmingham International airports and just 52 miles from the Port of Liverpool.
  • Lymedale business park is home to a number of national occupiers including T.K. Maxx, Parcelforce, Asda and Smyths Toys.
  • Subject to five yearly upward-only rent reviews, with the next reviews due in April 2017 and 2022 which are expected to increase because of the limited availability and high demand for Big Box assets in the area.

Next, Doncaster

South Yorkshire

Key Facts

Acquisition price: £60.00 million
Net initial yield: 6.07%
GIA: 755,055 sq ft
Eaves height: 17.5 metres
Built: 2003, extended 2005
Lease expiry: March 2023
Acquisition date: June 2014

Further Information

Further Information

  • Unit was developed in 2003 and extended in 2005, to accommodate Next’s expansion requirements.
  • Extension contains a fully automated stock picking system, installed at considerable expense to the tenant.
  • Tenant further committed to the location, having submitted planning for another 600,000 sq ft facility on an adjoining parcel of land that will link via a connecting bridge to our building.
  • Excellent location for access to wider motorway network via the M18, as well as rail and air links.
  • Potential asset management opportunities identified.
  • Next open market rent review March 2018.

Nice-Pak International Limited, Wigan

Greater Manchester

Key Facts

Acquisition price: £28.66 million
Net initial yield: 6.42%
GIA: 399,519 sq ft
Eaves: c.11 metres
Built: Spring 2016
Lease expiry: May 2041
Acquisition date: May 2015

Further Information

Further Information

  • A pre-let forward funding investment for a new production and distribution facility for Nice-Pak International Limited.
  • Located in Westwood Park, just south of Wigan town centre (approx. two miles from J33 of the M6), with excellent access to good motorway connectivity to the rest of the UK and the west coast ports.
  • Let on a new 25-year lease, without break, subject to five yearly upward only rent reviews indexed to the RPI, providing a minimum of 2% pa rental growth (capped at 4%).
  • The tenant intends to commit significant capital into the property through machinery and automation in order to enhance production and distribution efficiency.
  • Achieved practical completion on 31 May 2016.

Ocado, Erith

South East London

Key Facts

Acquisition price: £101.73 million
Net initial yield: 5.25%
GIA: 563,912 sq ft
Eaves: 12 metres
Built: April 2016
Lease expiry: April 2046
Acquisition date: May 2015

Further Information

Further Information

  • Forward funding development of a new 560,000 sq ft logistics hub situated in a core location inside the M25 (J1A) on the south side of the River Thames.
  • Central London is approximately 12 miles to the west and Tilbury Docks and DP World container port to the East. The location benefits from an excellent access to the wider motorway network including Greater London and the Home Counties.
  • Such prime quality Big Box warehouses are in high demand from companies requiring close access to the densely populated London conurbation, this is one of the very few sites inside the M25 capable of accommodating a facility of this size.
  • Pre-let in its entirety to a subsidiary of Ocado Group Plc on a 30-year lease, without break, subject to five yearly rent reviews indexed to RPI (capped and collared).
  • This asset is central to helping Ocado fulfil its growing capacity needs in London and the South-East.
  • Expected to open mid-2017 and upon reaching full capacity will employ 3,500 staff, hold up to 53,000 products and turnaround a staggering 200,000 orders a week.

Rolls-Royce Motor Cars Ltd, Bognor Regis

West Sussex

Key Facts

Acquisition price: £36.98 million
Net initial yield: 6.25%
GIA: 410,095 sq ft
Eaves height: 10 metres
Built: September 2015
Lease expiry: September 2025
Acquisition date: October 2014

Further Information

Further Information

  • Pre-let forward funding investment for a new Technology and Logistics Centre for Rolls-Royce Motor Cars.
  • The Company benefits from income during the development phase (under a developer’s licence) and fixed increases equivalent to 3% compound realised five yearly from lease commencement.
  • New centre to be built on 18.95 acre site and used as a warehouse and distribution centre for inbound production parts, a car body store and finished car store with workshop for car preparation.
  • Site located on the Oldlands Farm Business Park and benefits from the new Bognor Regis Northern Relief Road, opened in December 2015.
  • New facility lies eight miles from Goodwood, West Sussex, Rolls-Royce Motor Cars’ historic home, headquarters and principal UK assembly plant.
  • Low site cover of c.37%.

Sainsbury’s, Leeds

North Yorkshire

Key Facts

Acquisition price: £48.75 million
Net initial yield: 6.65%
GIA: 571,522 sq ft
Eaves height: 13 metres
Built: 2000
Lease expiry: November 2026
Acquisition date: December 2013

Further Information

Further Information

  • One of 13 main regional distribution centres for Sainsbury’s in the UK, strategically located near the A1(M) motorway, rail and air links.
  • Core to operational needs of Sainsbury’s, distributing food to 145 superstores and 45 local stores between Northampton and Newcastle.
  • Low site density of c.31% offers the opportunity to accommodate expansion.
  • Potential asset management opportunities identified.
  • Next open market rent review May 2018.

Screwfix, Fradley

Staffordshire

Key Facts

Acquisition price: £52.7 million
Net initial yield: 5.5%
GIA: c.561,767 sq ft
Eaves height: 15 metres
Lease expiry: October 2027
Acquisition date: December 2016

Further Information

Further Information

  • Tritax Big Box’s eighth pre-let forward funded development of a new distribution facility, pre-let to Screwfix Direct Ltd whose ultimate parent is Kingfisher Plc.
  • Screwfix is the UK’s largest multichannel retailer of trade tools, accessories and hardware products.
  • This high-specification distribution facility will benefit from significant capital investment by the tenant and will be Screwfix’s fourth UK distribution centre.
  • The site is situated in a key Midlands logistics location, adjacent to the A38 dual carriageway, providing excellent connectivity to the M6 Toll, M42 and M1 motorways and with close proximity to rail and air connections. The area has attracted a significant number of major occupiers including Bidvest Foodservice, DHL, Tesco, Wincanton and Yodel.
  • Upon practical completion, targeted for October 2017, the property will be leased to Screwfix on a new 10-year lease, subject to five yearly upward-only open market rent reviews.

T.K. Maxx, Knottingley

West Yorkshire

Key Facts

Acquisition price: £59.00 million
Net initial yield: 5.32%
GIA: c.640,759 sq ft
Eaves height: 17 metres
Built: Practical completion targeted for January 2017
Lease expiry: 20 years from practical completion (January 2036)
Acquisition date: September 2015

Further Information

Further Information

  • Strategically located at the junction of the M62 and A1 directly off the J33 roundabout, providing good access to Leeds, Manchester and the ports of Liverpool and Hull.
  • Location has attracted other major occupiers such as B&Q, Next, The Range and Asda.
  • Low site cover of c.40%

Tesco, Chesterfield

Derbyshire

Key Facts

Acquisition price: £28.64 million
Net initial yield: 6.60%
GIA: 501,751 sq ft
Eaves height: 15 metres
Built: 2005
Lease expiry: May 2020
Acquisition date: March 2014

Further Information

Further Information

  • Developed to modern standards incorporating high eaves, low site cover and cross docking.
  • Accessible location five minutes from Junction 30 of the M1, providing excellent connectivity to wider motorway network.
  • Rent passing off a low base of £3.99 per sq ft, which should allow for an opportunity to capture growth at next review in May 2015.
  • Tesco recently closed an 840,000 sq ft facility in Daventry and transferred much of that operation to this warehouse.
  • Potential asset management opportunities identified.
  • Next open market rent review May 2015.

Tesco, Didcot

Oxfordshire

Key Facts

Acquisition price: £27.20 million
Net initial yield: 6.90%
GIA: 288,295 sq ft
Eaves height: 11 metres
Built: 1989
Lease expiry: July 2024
Acquisition date: April 2014

Further Information

Further Information

  • Strategically located in a core South-East position, adjacent to the A34 dual carriageway linking Junction 13 of the M4 and Junction 9 of the M40 motorways, as well as rail and air connections.
  • Facility has integral cold store for Tesco’s food distribution, serving in excess of 120 stores in a 60-mile radius, while Tesco has also committed to developing a 100,000 sq ft “dot-com” unit two miles away.
  • Low site cover of c.45%.
  • Potential asset management opportunities identified.

Tesco, Goole

East Riding of Yorkshire

Key Facts

Acquisition price: £47.10 million
Net initial yield: 5.67%
GIA: 711,933 sq ft
Eaves height: 14 metres
Acquisition date: June 2015
Built: 2007
Lease expiry: September 2032

Further Information

Further Information

  • This is one of Tesco’s principal RDC and a main hub for distributing general merchandise, ambient food and beverages.
  • The high-specification facility incorporates modern design features such as cross docking, a low site density of 31% and eaves height of 14 metres. The low site density would potentially allow for an extension of up to approximately 150,000 sq ft of additional space.
  • Close to the town centre of Goole, this multi-modal location enjoys excellent road, rail and port connectivity. Junction 36 of the M62 is within two miles of the asset, providing easy access to the North-East region. The asset is in close proximity to the port of Goole’s dedicated rail freight terminal, but also has the future potential to be directly connected to the national rail network.
  • The asset is being acquired with an unexpired lease term of c.17.5 years and is subject to five yearly upward-only open market rent reviews.

Tesco, Middleton

Greater Manchester

Key Facts

Acquisition price: £22.45 million
Net initial yield: 8.25%
GIA: 302,111 sq ft
Eaves: 10.8 metres
Built: 1988
Lease expiry: December 2023
Acquisition date: December 2014

Further Information

Further Information

  • High income return/attractive yield.
  • Located in Stakehill, an established 200-acre industrial estate providing over 2.5 million sq ft of logistics space and home to a critical mass of tenants, including Sainsbury’s, Aldi, Booker and several third-party logistics companies.
  • Situated just east of Junction 20 of the M62, with Manchester approximately eight miles to the east and Liverpool 42 miles to the west.
  • Very low site cover of c.31%.
  • Potential asset management opportunities identified.
  • Next rent review December 2017 and 2022.

The Range UK, Thorne

South Yorkshire

Key Facts

Acquisition price: £48.50 million
Net initial yield: 6.10%
GIA: 750,431 sq ft
Eaves height: 15.8 metres
Built: 2006
Lease expiry: September 2032
Acquisition date: November 2014

Further Information

Further Information

  • High-specification property, providing a modern national logistics distribution centre, with ancillary offices and extensive parking over approximately 42.7 acres.
  • Low site cover of c.40%.
  • Prominent position adjacent to the M18 motorway and two miles from Junction 6, with easy access to the wider motorway network of M1, A1(M) and M62.
  • Area is a major UK distribution location with good transport links, supported by favourable demographics for a suitable labour force.
  • Next open market rent review October 2017.

Unilever, Doncaster

South Yorkshire

Key Facts

Acquisition price: £20.9 million
Net initial yield: 5.61% on the asset acquisition
GIA: 262,885 sq ft
Eaves height: c.11 and 26 metres
Lease expiry: May 2032
Acquisition date: 17 May 2017

Further Information

Further Information

  • Purpose-built in 2002 for Unilever UK Ltd, one of the world’s leading suppliers of Food, Home and Personal Care products. This high specification facility is highly automated and had benefited from significant capital investment.
  • The property has been acquired with a new 15-year lease in place, subject to five yearly upward only rent reviews indexed to the Retail Price Index with a collar and cap in place (collared and capped at 1.5% pa and 3.5% pa compound respectively).
  • Located in Trax Park, the property is strategically situated in a core UK distribution location with excellent motorway, rail and port connections. It is close to the M18, A1(M) and M1 and benefits from good access to the ports of Hull and Grimsby. The property is adjacent to Doncaster Rail Freight Terminal.
  • The site is a well-established Regional and National Distribution Centre location with a number of major occupiers located close by including Amazon, Wincanton, XPO Logistics, B&Q, and Tesco in addition to the Company’s facilities let to Next and The Range.

Whirlpool, Raunds

Northamptonshire

Key Facts

Acquisition price: £35.35 million
Net initial yield: 6.6%
GIA: 473,263 sq ft
Eaves height: 11 metres
Lease expiry: 2021
Acquisition date: October 2016

Further Information

Further Information

  • It has benefited from significant capital investment from the tenant, including a 150,000 sq ft extension in 2006, substantial secure yards, trailer park and extensive parking, with a low site cover of approximately 43%.
  • Situated in Warth Park in Raunds, Northamptonshire, is strategically located on the A45 corridor close to J13 of the A14, which provides access to the ports of Felixstowe and Harwich and also directly links to the A1(M) dual carriageway and the M1 motorway.
  • The site is also close to the established logistics location of Northampton and Thrapston, with existing major distribution tenants including Homebase, Morrisons and Primark.
  • The passing rent is c.£5.20 per sq ft, with a capital value cost reflecting £75 per sq ft.

Wolseley UK, Ripon

North Yorkshire

Key Facts

Acquisition price: £12.24 million
Net initial yield: 6.73%
GIA: 221,763 sq ft
Eaves height: 12 metres
Built: 2001
Lease expiry: September 2026
Acquisition date: August 2014

Further Information

Further Information

  • Attractive initial yield and low passing rent.
  • High-specification property with ancillary offices and extensive parking over approximately 10.9 acre, plus low site cover of circa 46%.
  • One of five Wolseley regional distribution centres in the UK.
  • Conveniently positioned close to Junction 50 of the A1, it serves the North of England, Scotland and Northern Ireland.

Amazon, Peterborough

Cambridgeshire

The distribution centre at Kingston Park, Peterborough, is one of Amazon’s major distribution centres in the UK, fulfilling general merchandise online orders and groceries throughout the UK and Europe.

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Argos, Burton-on-Trent

Staffordshire

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Argos, Heywood

Manchester

Strategically located on the A58 trunk road linking Leeds and Manchester, approximately seven miles north of Manchester city centre and junction 18 of the M62 motorway is two miles to the south, providing good access to the North-West of England and the wider trans-Pennine motorway network.

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B&Q Plc, Worksop

Nottinghamshire

Situated in the East Midlands adjacent to Manton Wood Industrial Estate, directly between the M1 (J30) and A1. The unit is B&Q's National Core Products Distribution Centre and is designed to deal with managing B&Q's wide product range.

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Brake Bros Ltd, Bristol

North Somerset

The property comprises a purpose-built cold store facility with a multi-temperature control system and incorporates modern design features including cross docking with an eaves height of 11 metres.

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Brake Bros Ltd, Harlow

Essex

One of Brake Bros Ltd main regional distribution centres in the UK, strategically located in a core South East location, close to the M11, the M25 and Central London, providing distribution across the South East.

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Co-operative Group, Thurrock

Essex

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DHL, Langley Mill

Nottinghamshire

This modern, high specification distribution centre is located approximately 8 miles north west of Nottingham, centrally located within the UK to allow for optimum distribution coverage within the maximum HGV drive time.

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DHL, Skelmersdale

Lancashire

This highly specified and fully fitted Big Box distribution facility was acquired from DHL. Constructed in 2003, it is strategically located approximately one mile from Junction 4 of the M58 motorway and five miles from Junction 6 of the M6 and just 14 miles from the Port of Liverpool, where construction is underway on a new container port capable of bringing some of the world’s largest container ships.

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DSG Retail PLC, Newark

Nottinghamshire

Strategically located two minutes from the A1 and A46 interchange providing good motorway connectivity north and south via the A1/A1(M) and onto the M1, this facility was purpose built to a high specification for DSG in 2003 and includes extensive parking and a substantial service yard.

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Dunelm (Soft Furnishings) Ltd, Stoke

Staffordshire

Strategically located at Prologis Park Sideway, Stoke-on-Trent, approximately two miles from J15 and J16 of the M6 on the A500 dual carriageway, which connects to the A50 and A52 providing a key east west link between the M6 and M1 motorways.

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Euro Car Parts, Birmingham

Staffordshire

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Gestamp, Wolverhampton

West Midlands

This site is strategically located in the West Midlands, close to J12 of the M6, providing good access to Birmingham and Nottingham.

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Hachette, Didcot

Oxfordshire

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Howden Joinery Group (No1), Raunds

Northamptonshire

Strategically located at Warth Park in Raunds, Northamptonshire on the A45 corridor approximately three miles from J13 of the A14, which provides access to the ports of Felixstowe and Harwich and also directly links to the A1(M) dual carriageway and the M1 motorway

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Howden Joinery Group (No2), Raunds

Northamptonshire

Strategically located at Warth Park in Raunds, Northamptonshire on the A45 corridor approximately three miles from J13 of the A14, which provides access to the ports of Felixstowe and Harwich and also directly links to the A1(M) dual carriageway and the M1 motorway

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Howden Joinery Group (No3), Raunds

Northamptonshire

Strategically located at Warth Park in Raunds, Northamptonshire on the A45 corridor approximately three miles from J13 of the A14, which provides access to the ports of Felixstowe and Harwich and also directly links to the A1(M) dual carriageway and the M1 motorway

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Kellogg’s, Manchester

Trafford Park

The facility is located at Trafford Park, one of the largest and most successful business parks in Europe with one of the highest concentration of industrial and logistics facilities in the UK, principally due to its excellent rail, shipping and airport connectivity together with its proximity to the greater Manchester conurbation.

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Kuehne+Nagel Limited, Derby

Derbyshire

This Big Box is located on a 200 acre industrial/distribution estate in close proximity to East Midlands Airport and Birmingham Rail Freights. It also benefits from direct access to the A50 dual carriageway linking to the M6 and M1.

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L’Óreal (UK) Limited, Trafford Park

Manchester

This property is located in one of Europe's most successful business parks. It benefits from the largest freight terminal in the North West of England as well as direct access to the M60 and the Manchester Ship Canal.

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Marks & Spencer, Castle Donington

Leicestershire

This Big Box was purpose-built for M&S in 2011 and is one if the tallest and most efficient distribution units in the UK. It is strategically located for transportation connections via road (M1), rail and air, for central UK distribution of general merchandise.

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Matalan, Liverpool

Knowsley Business Park

Located in Knowsley Business Park, Liverpool, in close proximity to the M6 and M58, near the port of Liverpool and Manchester and Liverpool airports providing excellent transport links across the North-West of England.

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Morrisons, Birmingham

Staffordshire

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Morrisons, Sittingbourne

Kent

This Big Box was developed in 2009 and was acquired from Wm Morrisons Supermarkets plc subject to a new leaseback agreement for 25 years. It is Morrisons’ principal south-east regional distribution facility, supplying 85 superstores with chilled, ambient and cold goods.

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New Look Retailers Ltd, Newcastle-under-Lyme

Staffordshire

Well located in the North West, situated off the A34 dual carriageway linking to J15 and J16 of the M6, close to the main airports in both Manchester and Birmingham and the Port of Liverpool. Subject to five yearly upward only rent reviews, with the next reviews due in April 2017 and 2022 which are expected to increase.

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Next, Doncaster

South Yorkshire

This Big Box facility is located in one of the most important distribution locations in the UK with the immediate surrounds attracting occupiers including Ikea, B&Q, Tesco, Wincanton and The Range.

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Nice-Pak International Limited, Wigan

Greater Manchester

Located in Westwood Park, just south of Wigan town centre (approx. two miles from J33 of the M6), with excellent access to good motorway connectivity to the rest of the UK and the west coast ports. Pre-let forward funding investment for a new production and distribution facility for Nice-Pak International Limited.

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Ocado, Erith

South East London

Forward funding development of a new 560,000 sq ft logistics hub pre-let to Ocado and situated within the M25 (J1A) on the south side of the River Thames. Central London is approximately 12 miles to the west and Tilbury Docks and DP World container port to the East.

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Rolls-Royce Motor Cars Ltd, Bognor Regis

West Sussex

The Rolls-Royce Motor Cars Big Box at Bognor Regis is the Technology and Logistics Centre for the company. Located on the Oldlands Farm Business Park on the northern edge of Bognor Regis, it is eight miles from the headquarters and principal UK manufacturing plant of Rolls-Royce Motor Cars at Goodwood, West Sussex.

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Sainsbury’s, Leeds

North Yorkshire

Constructed in 2000 this Big Box is one of Sainsbury’s core regional distribution facilities distributing food to 145 superstores and 45 local stores between Northampton and Newcastle. It is strategically located near the A1(M) motorway, rail and air links for UK central distribution.

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Screwfix, Fradley

Staffordshire

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T.K. Maxx, Knottingley

West Yorkshire

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Tesco, Chesterfield

Derbyshire

This Big Box was developed in 2005 and was immediately leased to Tesco for a term of 15 years. It is strategically located five minutes from Junction 30 of the M1, for central UK distribution of general merchandise to Tesco national distribution hubs.

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Tesco, Didcot

Oxfordshire

This Big Box was purpose-built for Tesco who committed to a 35 year term. Its South-East location benefits from excellent transport connections via road, rail and air for central distribution of food to Tesco’s national distribution hubs.

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Tesco, Goole

East Riding of Yorkshire

Close to the town centre of Goole, this multi-modal location enjoys excellent road, rail and port connectivity. Junction 36 of the M62 is within two miles of the asset, providing easy access to the north-east region.

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Tesco, Middleton

Greater Manchester

This unit, located on the 200 acre Stakehill industrial estate is home to critical occupiers including Sainsbury's, Aldi & Bookers. Conveniently located just off Junction 20 of the M62, approximately 8 miles from Manchester.

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The Range UK, Thorne

South Yorkshire

This Big Box facility is occupied by CDS (Superstores International) Ltd, which trades as "The Range" and has 91 stores nationwide. It is located in one of the most important distribution locations in the UK with the immediate surrounds attracting occupiers including B&Q, Asda, Next, DFS and Ikea.

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Unilever, Doncaster

South Yorkshire

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Whirlpool, Raunds

Northamptonshire

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Wolseley UK, Ripon

North Yorkshire

One of three RDC’s in the UK let to Wolseley UK, the leading distributor of heating and plumbing products and a leading supplier of builders' products. Located close to Junction 50 of the A1, it serves the North of England, Scotland and Northern Ireland.

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Property Contacts

James Dunlop Partner, Property Sourcing Tritax Group Email: james.dunlop@tritax.co.uk Tel: +44 (0)20 7290 1611

Bjorn Hobart Partner, Property Sourcing Tritax Group Email: bjorn.hobart@tritax.co.uk Tel: +44 (0)20 7290 1612

Ed Plumley Assistant Fund Manager Tritax Group Email: edward.plumley@tritax.co.uk Tel: +44 (0)20 7290 1626