The 10-unit, multi-let industrial estate, located close to Heathrow Airport provides 83,342 sf of industrial an ddistribution space on a four-acre site. Tenants include Vodafone, Securicor and Homebase with rents ranging from £7.50 to £9.50 per sf ($13.50 to $17 per sf). According to the vendor, the sale price reflects anticipated value following four outstanding rent reviews. Once these are completed a reversionary yield of 7.3% is anticipated.
Michael Barrie, director of Property Funds at Isis Property says: "With strong demand for well-located, well-let industrial space close to Heathrow set against very little supply of this kind, the sale represented an excellent opportunity to realise value for the fund."
Isis Property, advised by King Sturge, acted for Royal & SunAlliance Linked Insurance. Rogers Chapman acted for the purchaser, Greater Manchester Pension Fund.
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