We have been retained by FWHRE since 2013. Our track record speaks for itself.

First World Hybrid Real Estate

FWHRE (Sequel Properties) and Lindley Mortimer

We have been actively acquiring commercial properties for First World Hybrid Real Estate Plc, marketed by Marriott Income Specialists (part of Old Mutual) to South African investors.

Working alongside FWHRE’s property adviser in South Africa, Sequel Properties, we are retained to deal with direct property purchases for the Fund.

The Fund is seeking to acquire looking primarily in the industrial/distribution, regional office and retail warehouse sectors, throughout the UK with each acquisition fulfilling the following criteria:-

  • £4m plus lot sizes up to £20m
  • Minimum lease length 10 years
  • 4A1 or 5A1 D&B rated covenants
  • 4% plus yields

Highlighted below are some of the acquisitions to date.

OFFICES

Aviva, Broadland Business Park, Norwich

Client: FWHRE (Sequel Properties)

Purchase Value: £12.875m

Grade A office accommodation comprising 62,724 sq ft let to Aviva Central Services UK Limited, guaranteed by Aviva insurance limited for a term expiring in December 2029. The freehold interest was acquired by FWHRE at a yield of 6.31% from Lothbury Investment Management.

Richmond House, The Watermark, Gateshead

Client: FWHRE (Sequel Properties)

Purchase Value: £3.625m

A modern newly refurbished office building of 21,500 sq ft with 82 car spaces, let to Barratt Developments for 10 years. Recently acquired for FWHRE at a net initial yield of 6.75%.

Europa View, Sheffield Business Park, Sheffield

Client: FWHRE (Sequel Properties)

Purchase Value: £4.775m

A modern office building comprising 20,439 sq ft with 54 car spaces, completed in 2007. The lease was re-geared to a new 25 year term with the benefit of RPI increases 5 yearly, subject to a minimum of 1% and a maximum of 3%. Acquired from a developer who owned the adjoining site where an additional office is to be constructed for SIG.

The Waterfront, Lakeside Boulevard, Doncaster

Client: FWHRE (Sequel Properties)

Purchase Value: £3.47m

A modern office building constructed in 2006 and comprising 17,500 sq ft with 65 car spaces. The building was let to Keepmoat on a lease expiring in 2030, subject to a tenant’s break in 2027. The lease allowed for 5 yearly rent reviews to the RPI index, capped and collared at 2% and 4% per annum compounded. The long leasehold interest was acquired by FWHRE at an initial yield of 6.74%.

INDUSTRIAL

Crown Packaging, New York Way, New York Industrial Estate, Newcastle

Client: FWHRE (Sequel Properties)

Purchase Value: £7.00m

A modern warehouse facility comprising 72,500 sq ft, let to Crown Packaging for in excess of 10 years. The long leasehold interest was acquired by FWHRE at an initial yield of 5% from a private investor.

Crown Packaging, Radar Road, Braunstone Frith Industrial Estate, Leicester

Client: FWHRE (Sequel Properties)

Purchase Value: £17.1m

A modern warehouse facility comprising 284,00 sq ft and let to Crown Packaging Manufacturing UK Ltd until September 2027. The freehold was acquired by FWHRE at an initial yield of 5.15% from Prologis.

Great Bear Distribution, Tenth Avenue, Deeside

Client: FWHRE (Sequel Properties)

Purchase Value: £6.00m

A modern warehouse facility comprising 90,500 sq ft and let to Great Bear Distribution until May 2024. The freehold was acquired by FWHRE at an initial yield of 6.34% from La Salle Investment Management.

Spectrum Brands (UK) Ltd, Wombourne

Client: FWHRE (Sequel Properties)

Purchase Value: £11.3m

A modern warehouse facility comprising a total floor area of 132,000 sq ft and let to Spectrum Brands (UK) Ltd until January 2030. The freehold was acquired by FWHRE  at an initial yield of 6.24% from an overseas investor.

Booker Cash and Carry, Sadler Road, Lincoln

Client: FWHRE (Sequel Properties)

Purchase Value: £3.5m

A modern well located cash and carry unit within the south west quarter business district of Lincoln, close to the A46. The property comprised approximately 48,000 sq ft and was let to Booker Ltd for a further 9 years. The freehold interest was acquired at a yield of 6.8%.

FPE Seals, Yarm Road Interchange,
Yarm Road, Darlington

Client: FWHRE (Sequel Properties)

Purchase Value: £3.1m

A brand new industrial and warehouse facility situated in the commercial area of Darlington close to the A1(M) motorway. The unit comprised a total floor area of 34,000 sq ft and was let to FPE Seals guaranteed by Diploma Holdings Plc on a new 15 year term with the benefit of two fixed rental increases in 2020 and 2025. The freehold was acquired at an initial yield of 5.8% from the developer.

Geopost, Harling Road, Snetterton

Client: FWHRE (Sequel Properties)

Purchase Value: £4.25m

A new parcel distribution warehouse facility located 20 miles to the south west of Norwich adjacent to the A11. The unit comprised approximately 36,700 sq ft with 5 dock level and 26 level access loading doors. The property was let to Geopost UK Ltd, trading as DPD for a term of 20 years from 2013. The freehold interest was acquired from the developer at an initial yield of 6.5%.

3663, Kingswood Lakeside, Cannock

Client: FWHRE (Sequel Properties)

Purchase Value: £5.2m

A modern well located 60,000 sq ft distribution and cold storage facility on a 1.95 hectare (4.8 acre) site, close to junction 7 of the M6 Toll Road. The unit was let to BFS Group (trading as 3663) for a further 12 years. The freehold was acquired at a yield of 7.8%.

Retail Warehouses

B&M, Leek

Client: FWHRE (Sequel Properties)

Purchase Value: £5.051m

A modern retail warehouse of 26,675 sq ft, let to B&M Retail Ltd for a term expiring in 2028. The freehold interest was acquired by FWHRE at a yield of 6.25% from a private investor.

Wickes, Quay West, Birchin Way, Grimsby

Client: FWHRE (Sequel Properties)

Purchase Value: £4.145m

A modern retail warehouse of 21,722 sq ft, let to Wickes Building Supplies Ltd for 20 years from 1st May 2015. The freehold interest was acquired by FWHRE at a yield of 6.45% from LondonMetric.

B&M, Old Tiffield Road, Towcester

Client: FWHRE (Sequel Properties)

Purchase Value: £4.4m

A standalone retail warehouse of 21,200 sq ft close to the A43 and adjacent to a Tesco’s superstore. Let to B&M Retail for a further 13 years. The freehold interest was acquired by FWHRE at a yield of close to 6% from the Milton Keynes Park’s Trust.

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