Orchard Street Investment Management, a specialist UK commercial property investment manager, has exchanged contracts to purchase City Cross Business Park in Greenwich from Aviva Investors.
Orchard Street Investment Management, a specialist UK commercial property investment manager, has exchanged contracts to purchase City Cross Business Park in Greenwich from Aviva Investors.
The investment volume of £21.1 mln (EUR 26.8 mln), reflects a net initial yield of 6.25%. The acquisition was made on behalf of a pension fund client.
City Cross Business Park comprises a logistics unit and six further warehouse units totalling 175,096 square feet (16,200 m2). Fully let to five tenants with average unexpired lease term of 11.5 years, the industrial estate has a total rental income of £1.39 mln, reflecting an average £8.25 per sq ft.
The modern industrial estate is situated on Greenwich Peninsular, in close proximity to the City, Canary Wharf and suburban London.
Aviva Investors were advised by DTZ. DTRE advised Orchard Street.
