Sheffield - Europa Drive

S&A acting for Eatonfield Holdings Limited, originally from MouLd, Flintshire, recently a plc, identified the availability of this property investment at 1 Europa Drive, Sheffield prior to marketing, through their PAI (Property Agents International) links. S&A are the Welsh members. The property acquisition was completed in March 2006, the investment comprising some 74,681sqft of distribution floorspace and offices in a prime business location with excellent access to the M1 Motorway. It is let to Menzies Distribution Ltd to December 2016 at a rent equating to £8psf for the offices and £4.50psf for the warehouse space. There is an opportunity to re-gear the lease with the tenant and add value to this investment. Peter Graham sourced the property investment for Eatonfield and represented them in acquisition. The purchase price of £4m reflected a net initial yield of 6.15% with a rent review due in December 2006.