SHW and Altus Group have acted jointly on behalf of Aviva Investors to agree a sale of Unit C, Surrey Business Park, a 7,819 sq ft HQ-style unit off Kiln Lane, Epsom.
The property represented a unique opportunity to acquire a fully refurbished self-contained business unit on the established Kiln Lane Estate.
The marketing had focussed on targeting a new letting of the premises but an owner-occupier was identified who sought new premises to relocate from South West London. The sale price was agreed at £1.8 million, equating to £230 per sq ft.
The high price achieved demonstrates the strong demand from owner occupiers and the scarcity of options for those who are seeking to purchase. It also reflects the quality of this particular unit and the high standard of refurbishment undertaken prior to marketing.
SHW Business Space Partner Mark Skelton said: “The movement of industrial and warehouse occupiers from high value residential locations in inner South West London out to locations such as Croydon, Sutton, Epsom has been gathering pace over the last few years now and shows no signs of slowing up, as ever more of London’s industrial land is lost to residential developments.
“This has manifested as a further restriction in availability in those markets. As of September 2017, industrial stock availability levels in Epsom are sub 3%, with wider availability across neighbouring locations including Chessington, Sutton and Leatherhead also hovering at the 3% level. This highly restricted supply is likely to push rental and capital values higher still.”
