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LONDON-Prudential has bought the Cherwell 40 Distribution Park beside the M40 motorway in Banbury, Oxfordshire, for £27.6 million ($39 million). The purchase reflects a net initial yield of around 7.7% and an equivalent yield of about 8%.

The park is one of the most prominent distribution centres in the M40 corridor between London and Birmingham, and is right on junction 11. It comprises four distribution warehouses completed between 1995 and 1999 with a total floor area of 403,200 sf. Two units are let to McGregor Cory and one each to Hays Distribution Services and Paintbox on varying lease terms.

The total income from the buildings is in excess of £2.24 million ($3.13 million) per annum, which reflects an average rent of about £5.56 ($7.84) per sf. Prudential was represented by Strutt & Parker, and King Sturge acted for the vendors.

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