Successful letting of the West Moor Park warehouse in Doncaster. This has been let to the online retailer creating a substantial income stream and major capital value uplift. When acquired, the lease to the former tenant had only 18 months left to expiry. We recognised the attraction of the property to the e-commerce industry and it was let at only £3.55 per sq ft. The new letting increases this by 36%. This purchase is a clear demonstration of our thematic investment strategy.
The Bright Horizons portfolio of day nursery properties were sold at auctions in October and December. The properties were acquired in April 2015 for a total value of £4.0m, which had risen to £4.7m immediately prior to sale. The auctions produced a total sale price of £6.5m which is 39% in excess of valuation and a capital gain of £1.8m.
A purpose built care home with an unexpired lease term of 19 years. It is let to MHA a not-for-profit charity regarded as one of the strongest tenants in the market. The investment is highly thematic being in line with our demographic theme.