AMK2 Real Estate snaps up Coventry warehouse for £3.3m
Coventry-based Progress Property has struck a deal to sell off a 35,000 sq ft industrial unit on Binley Industrial Estate, around 3 miles east of the city centre.
Property consultants MK2 Real Estate advised on the sale of Unit 4, Progress Close, which is currently let to hydroponic equipment manufacturer and distributor, HydroGarden Ltd.
The unit is let on a new ten-year arrangement, at an annual rent of £272,000.
Michel Nangia, director at AMK2 Real Estate, said the deal was the company’s first venture into the Coventry industrial market.
“We are delighted to have completed on our first acquisition in Coventry with a great team, further diversifying and growing our portfolio,” he said.
“The asset meets all of our investment criteria and we are looking forward to our new partnership with Hydrogarden.”
Mark Johnson, director in MK2’s investment team, added: “Coventry has a vibrant industrial market and the sale and restructured lease helps secure the tenants occupational needs as well as providing a good long-term hold for the purchaser.”
MK2 acted jointly with Ed Bunbury at Bromwich Hardy on the sale.
