CHADWICK McRae has successfully advised construction materials giant Travis Perkins in the investment sale of a major distribution unit in Coventry.
The Northampton-based firm helped identify both a tenant and they a buyer for the 214,000 square foot unit with a headline price of £41m – representing a net initial yield of 4.535 per cent.
Sold to Equites International, the unit has been underpinned by a letting to Kuehne + Nagel for a 15-year term. It is situated on Whitley Business Park, which is also home to Jaguar Land Rover’s world headquarters and global engineering campus, which is in itself undergoing major expansion.
Ian McRae, Principal of Chadwick McRae, said: “This has been a three-year project which resulted in identifying a tenant before a marketing campaign and a buyer who worked closely with our client to secure a most satisfactory conclusion. 100 Scimitar Way is a unique product that attracted a premium tenant and price. The transaction yet again reflects the strength of the Midlands as a logistics location and investment magnet.”
Chadwick McRae, founded by Ian McRae 25 years ago, has built its reputation as a firm that acts for occupiers looking to acquire property, advising on the best deal available, which provides the best fit for the business, to ensure their interests are served.
Ian began his career in London and has worked in Kenya, gaining experience in the international market, including working on behalf of the US and Spanish governments. Today, he concentrates more on looking after the interests of the local market, something that five years ago won him the inaugural Outstanding Contribution to the Industry Award presented by the Industrial Agents Society and voted for by his national peers.
Ian said: “I firmly believe there’s a lot of companies out there that could benefit from professional property advice. They might have an HR department to make sure they get the most from their people – one of a company’s biggest overheads – but they ignore another major asset or overhead, the building they own or rent, at their peril.”
“Most of my business comes from word-of-mouth recommendation from existing clients, and that’s the best recommendation you can get. I’m very proud of what I have achieved in Northampton and proud to celebrate an important anniversary with the completion of this major transaction on behalf of a long-standing client.”
For more information, contact Chadwick McRae on 01604 505066 or email