Thrapston Primark warehouse sold for £102m - netting its owners a £41m profit in just eight years
The warehouse in Huntingdon Road has another 11 years on its Primark lease
A fashion logistics warehouse in Thrapston has been sold for a whopping £102m by a property investment company.
The 785,000 Primark distribution centre in Huntingdon Road was bought by LondonMetric for £60.5m in 2013, netting them £41.5m.
The building is let to Primark for £4.4m - rising by 1.5 per cent each year - until 2032.
It has been sold to another property estate firm - EQT Exeter and the sale is expected to be complete by February 2022.
LondonMetric owns a host of large warehouses across the country with tenants including Amazon, M&S, DHL, Tesco and DFS.
The firm is a FTSE 250 Real Estate Investment Trust (REIT) which allows groups of investors to pool their money to buy large properties.
Andrew Jones, Chief Executive of LondonMetric, commented: “This is a very good asset that has performed strongly, delivering a total return of £76 million since acquisition. The sale price achieved reflects a very competitive bidding process and highlights the depth of demand for well let logistics assets delivering reliable, repetitive and growing income.”
Distribution workers at the warehouse earn between £9.29 and £13.94 per hour.