Dixons Carphone takes 75, 972 sq ft on a 15-year lease at the Mid Kent Business Park in Snodland.
Avignon Capital formulated an asset management plan for the warehouse building, following the departure of the previous occupier Palmer & Harvey, who went into administration in Q4 2017,
To re-let the property, the building required internal and external refurbishment works to bring it up to specification for modern day requirements.
Avignon acquired this property in 2013 due to its strong fundamentals which remain intact, the property is situated in a prominent location between London and the Channel Ports. Dixons Carphone will use the facility as a Customer Delivery Hub, which will provide a more efficient delivery service to the customer base in Kent and have been operating at the site since late 2018.
This off-market transaction to a stronger covenant on favourable terms, represents a significant uplift in the capital value of the asset, as well as a 26% increase in previous passing rent.
Avignon Capital was advised by Savills and Colliers International advised Dixons Carphone.
