LondonMetric buys Wiley warehouse

John Wiley’s 298,600 sq ft warehouse in Bognor Regis has been sold to LondonMetric Property for £17.8 million.

Wiley serves multiple publishers from the site, which serves as an automated distribution facility, and will continue to expand on that enterprise going forward.

The building is let for a further two years at a rent of £1.7 million a year to academic book publisher Wiley. Simultaneous with purchase, Wiley has signed a 15 year reversionary lease with LondonMetric, commencing in 2021, at a rent of £2 million a year (£6.50 psf). LondonMetric will fund improvement works to the building totalling £1.4 million.