Progress Property has sold a 34,223 sq ft warehouse unit at Binley Industrial Estate in Coventry to AMK2 Real Estate for £3.3m.
Unit 4 is let to hydroponic equipment manufacturer and distributor, HydroGarden, on a new 10-year lease at an annual rent of £272,000.
Michel Nangia, director at AMK2 Real Estate, said: “We are delighted to have completed on our first acquisition in Coventry with a great team, further diversifying and growing our portfolio. 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, which advised Progress on the sale, 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 Bromwich Hardy on the deal.
