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Industrial units change hands
Published: 2009-08-21 16:18:31
Acting through Nightingale Partners, Wallop Estates has bought three industrial units in Croydon totalling 61,593 sq ft. (Sourced from here.)
Units 1-3 Brazil Close were bought from the RREEF UK Industrial Fund for £4.5m - a net initial yield of 9.5%.
The property comprises three industrial/warehouse units totalling 61,593 sq ft located on Beddington Farm Road which is regarded as Croydon’s principal industrial area. The scheme is fully let, providing a rental income of £458,000 per annum. 65% of the income is secured against the D & B 5A1 rated covenant of Geopost UK Ltd trading as Parceline with over 13 years unexpired.
There was considerable interest generated in the property from private investors and UK institutions who were attracted to the unexpired lease term, quality of covenant and location which are proving to be fundamental as investors flee to core assets with underlying secure income streams.
Wallop Estates Ltd was represented by Nightingale Partners.
RREEF UK Industrial Fund was represented by Lindley Mortimer LLP.