Avignon Capital, the European property investment and asset management firm has sold a warehouse on Mid Kent Business Park near Aylesford, to an overseas investor. The warehouse, which measures 75,972 sq ft, is let to DSG Retail Ltd, part of Dixons Carphone, on a 15-year FRI lease.
The warehouse was previously let to Palmer & Harvey, who went into administration in November 2017. However, the property was quickly let to the substantial covenant of DSG Retail Ltd without any void between the two tenancies.
Alessandro Iovino, Asset Manager at Avignon Capital, comments: “When the property was originally acquired it was underpinned by strong fundamentals, the strength of the location spoke for itself after Palmer & Harvey went into administration and we had several strong tenants aggressively bidding for occupation of the site. We are pleased with the new letting and subsequent disposal”
Charlie Foster, investment director at Savills, adds: “Savills are pleased to have provided valuable advice to Avignon Capital, both in finding and securing the letting to DSG Retail, and then in achieving an excellent result on the investment disposal.”
Savills and Gateley Legal acted for the vendor. DTRE and Shoosmiths represented the purchaser.