JLL brings £44m Travis Perkins portfolio to market
JLL has been appointed to sell the Mercor Portfolio, which is made up of 33 trade counter units, for £44m, reflecting a net initial yield of 5.50%.
The portfolio offers an unparalleled diversity and balance of asset locations, with excellent income growth potential.
All 33 trade counter units are let to Travis Perkins, a very low-risk covenant, for circa 14 years unexpired at a total passing rent of just over £2.5m.
The total lettable floor area is 435,000 sq ft on 41 acres and therefore benefiting from a low average site cover of only 24%.
Joel Duncan, director of capital markets at JLL, said: "As industrial property remains a much sought-after asset class amongst investors we expect the portfolio to appeal to a wide variety of capital. The very strong covenant of Travis Perkins combined with the fixed rental increases positions the sale as a very rare opportunity to secure a strong and guaranteed income stream, which is increasingly what is driving this sector of the investment market."
JLL has been instructed by Avignon Capital, Riverside Capital and Colliers Capital, the joint owners.