A huge distribution centre for arts and crafts retailer Hobbycraft has been sold for £20 million.
Global real estate investment management firm LaSalle, which owns the firm’s warehouse and distribution facility, in Burton, has sold the building to Cabot Properties.
The 213,000 sq ft facility, on the Centrum 100 Business Park was built in 2006 and purchased by LaSalle in 2013.
It is a main distribution hub for Hobbycraft, whose lease on the building runs for another eight years.
Sophie Simmonds, fund manager at LaSalle Investment Management, which was advised on the sale by Savills, said: “We’re pleased to have realised a highly competitive return for our client on this investment, driven by both capital growth and the stable rental income generated during the asset’s six-year hold period.
“Investor appetite for distribution and logistics properties remains strong and we will continue to capitalise on this buoyant market to focus our industrial investment in those assets that combine prime locations, strong transport connections and attractive supply-demand dynamics.”
Cabot Properties is a private equity real estate investment firm. Based in Boston, Massachusetts is a leading investor, developer and operator of industrial properties throughout North America and the UK.
Founded in 1995, Hobbycraft is the largest arts and crafts retailer in the UK.
Today, it has more than 90 stores nationwide, supplying products for range of arts and crafts.
