Finnegan deal for £10m warehouse

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Sheffield based contractor and developer JF Finnegan has sold an industrial unit at Magna 34 Business Park in Rotherham, leased by Royal Mail, for £10.26m.

It is Parcelforce Worldwide’s largest distribution centre outside of the main Coventry hub with 150 staff managing about 90 vehicle deliveries and a peak of 25,000 parcel movements a day in busy periods.

The new depot formed part of a multi-million pound UK-wide expansion programme which was estimated to bring 115 jobs to Rotherham in three years. It is let on a 15-year lease.

Gary Smith, managing director of JF Finnegan, said: “The lease to Royal Mail Group PLC confirmed our belief that the quality of product and strategic location on offer at the Magna 34 unit would attract a high profile tenant.

“The subsequent sale to LondonMetric Property PLC concludes the property’s success story and demonstrates that the South Yorkshire region is on the map for investors seeking sound opportunities.”

JF Finnegan was represented by Commercial Property Partners as agent and DLA Piper as lawyer.