Eskmuir Properties has completed the sale of a 42,722 sq ft industrial asset in Park Royal, west London, for more than £15m to Capital Industrial, reflecting an initial yield below 3.0%.
Comprising three industrial units, the asset is currently let until 2023 to HR Owen, a leading supercar and luxury vehicle dealership and aftercare business for brands that include Maserati, Lamborghini, Bugatti and Rolls Royce.
The landmark deal at 5-9 School Road, Park Royal was marketed, agreed, and exchanged all throughout the COVID-19 lockdown period, with Eskmuir, the investment manager working closely with its investment agents, Lewis Ellis, and solicitors, Osborne Clarke, to get the transaction over the line. The acquisition will see Capital Industrial increase its presence at Park Royal.
Paul Hodgson, Managing Director of Eskmuir, said: “This landmark deal, launched and completed during lockdown, demonstrates a renewed confidence in the market. We received a phenomenal response to the marketing programme and we’re delighted with the excellent return generated for our investors. As part of our stated portfolio strategy, this sale will allow us to redeploy capital and grow our diversified portfolio, focusing on opportunities where we can increase value significantly through our stewardship and proactive asset management approach.”
Specialist investment manager Eskmuir Properties has close to 30 years of experience delivering growth and robust income returns for family trust investors and charities through a diverse portfolio.
Matt Horgan, Managing Partner of Capital Industrial, said: “We’re delighted to add this asset to our existing portfolio of London industrial properties. The estate is located in a prime central location undergoing substantial urban regeneration, and we believe it will offer us many opportunities for growth in the future.”
The estate is located at the eastern edge of Park Royal, one of London’s primary industrial areas. Benefiting from excellent road, rail and airport connectivity, the Park Royal industrial area supports around 1,700 businesses that employ 43,100 employees, across a range of sectors including food manufacturing, logistics, film and prop houses, car repair and vehicle maintenance.
ACRE acted on behalf of Capital Industrial while Eskmuir Properties were represented by Lewis Ellis.
