Steinhoff snaps up £24m warehouse
The parent company of Harveys and Bensons has spent more than £24m on a distribution warehouse.
Steinhoff has bought the 422,784sqft Hydro warehouse at Magna Park, Lutterworth for a reported £58 per sqft, valuing the deal at £24.5m.
The warehouse has been vacant since Primark moved out in 2010 and the company that owned the building went into receivership in 2011. Knight Frank and Burbage Realty were joint agents who along with the receivers took a bullish view and refused to sell the property off at a knock down price holding out for £60 per sqft freehold. It is believed the property sold for a price in the region of £58 per sq ft.
The facility has 15m eaves, 36 dock level doors and a large secure yard up to 92m deep. It is an eco-friendly building with reduced running costs, one of the first in the country to incorporate Gazeley's Eco Template in 2005. The property was originally let to Primark at a rent of £5.25 per sqft.