The west London industrial estate was acquired by the specialist commercial property investment manager on behalf of St James’s Place UK PLC for £19.34m, representing a net yield of 3.9%.
The multi-let estate comprises 14 industrial and trade units totalling 69,214 sq ft across a 3.5-acre site which contains a diverse tenant mix, including national operators Topps Tiles, Toolstation and Screwfix.
The site has a weighted average unexpired lease term (WAULT) of approximately five years, with a total rent income of £805,097 per annum, reflecting a rent of £11.63 per sq ft.
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The industrial estate currently has three vacant units undergoing refurbishment which – along with the low passing rent of the wider estate – will offer attractive asset management opportunities to boost income.
Harry Buxton, acquisitions manager at Orchard Street, said: “This asset is located within the South East’s key industrial hub, which continues to experience positive growth prospects on the back of a severe lack of supply coupled with high demand for institutional-quality stock.
“The acquisition lies adjacent to an existing ownership and provides multiple asset management opportunities to drive income and improve the WAULT.”
Orchard Street was advised by Gerald Eve on the acquisition, while the Church Commissioners were advised by Griffiths Eccles.