Friends Provident tops £10m for freight depot

Friends Provident is to pay £10.59 million sterling for a major freight forwarding complex, which is to be occupied by Irish company Express Cargo, at The Phoenix centre in Paisley, Glasgow. The yield will be 7.65 per cent. Tilbury Douglas Construction is currently building the 187,500 sq ft building at a cost of £6.5 million sterling. Express Cargo will be paying a rent of £843,730 for the high bay warehouse, the equivalent of £4.50 per sq ft, on a 25-year lease with five-year rent reviews.