Industrial investor Capital Industrial has acquired a site in west London for a price exceeding £15 mln (€16.4 mln).
The vendor in the deal was commercial investor, Eskmuir Properties. The transaction achieved an initial yield of below 3% and was executed during the COVID-19 lockdown period.
The asset comprises three industrial units totalling 42,722 sq ft (3,969 m2) in Park Royal, west London. It is currently let to a leading supercar and luxury vehicle dealership and aftercare business. The property is located in one of London’s primary industrial areas, benefiting from excellent road, rail and airport connectivity.
Matt Horgan, managing partner of Capital Industrial, said: ‘We’re delighted to add this asset to our existing portfolio of London industrial properties. The estate is located in a prime central location undergoing substantial urban regeneration, and we believe it will offer us many opportunities for growth in the future.’
Paul Hodgson, managing director of Eskmuir, said: ‘This landmark deal, launched and completed during lockdown, demonstrates a renewed confidence in the market. We received a phenomenal response to the marketing programme and we’re delighted with the excellent return generated for our investors.
‘As part of our stated portfolio strategy, this sale will allow us to redeploy capital and grow our diversified portfolio, focusing on opportunities where we can increase value significantly through our stewardship and proactive asset management approach.’
