LondonMetric buys Stevenage warehouse for £7.3m

LondonMetric has bought a distribution warehouse in Stevenage for £7.3m at a net initial yield of 6.25%.

The 74,000 sq ft warehouse is located on an established South East distribution park and let to Dixons Carphone for a further nine years at a rent of £6.50 per square foot with a break clause in four years.

Chief executive Andrew Jones said: “We continue to see superior value within the distribution sector where organic rental growth will exceed most other property sectors and this purchase offers strong reversionary potential."