Custodian REIT acquires Dundee warehouse for £1.9mln

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() () has acquired a 29,676 sq ft industrial unit on Wester Gourdie Industrial Estate, Dundee, adjacent to the A90 for £1.9mln.  

The unit is occupied by Menzies Distribution Limited with an unexpired term to first break or expiry of 5.2 years and a passing rent of £117,500 per annum, reflecting a net initial yield of 5.89%.

Custodian said it will pay cash for the property, which will increase its loan to value debt ratio to 23.7%.

Richard Shepherd-Cross, the trust’s manager, said:  “We are delighted to have secured this well-located industrial distribution asset, let to a strong and expanding tenant that we know well.

“The area displays strong evidence of increasing industrial rents, offering short-medium term asset management opportunities.”

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