Avison Young’s UK Capital Markets team has sold an HQ industrial investment on behalf of private clients for £10,050,000, reflecting a net initial yield of 4.74% to BMO Real Estate Partners.
The long-let greater-London investment is composed of a freehold, 55,367 sq ft (5,143.8 sq m) HQ building, comprising a two-storey warehouse, with an integrated three-storey office element. Let on a 15-year lease from June 2017, the property provides an annual rental income of 508,536 pa (£11 per sq ft on ground floor warehouse & offices, with 50% applied to first floor warehouse) and is subject to 5 yearly reviews to 2.5% pa compound.
Mark Holliday, Principal, said “A great sale price was achieved for this well let HQ unit, located in an established industrial location in Greenford, west London. We had considerable interest in the property, which reflects the weight of capital seeking industrial opportunities. This enabled our clients to achieve a figure well in excess of the asking price.”
