London-based Orchard Street Investment Management has purchased industrial property complex Cobbett Park in Guildford, UK on behalf of a pension fund client. The investment volume of £19 mln (EUR 24 mln) reflects a net initial yield of 6.16%. The vendor was Legal & General Property's Industrial Property Investment Fund (IPIF).
London-based Orchard Street Investment Management has purchased industrial property complex Cobbett Park in Guildford, UK on behalf of a pension fund client. The investment volume of £19 mln (EUR 24 mln) reflects a net initial yield of 6.16%. The vendor was Legal & General Property's Industrial Property Investment Fund (IPIF).
Comprising 10 warehouse units totalling 11,650 m2, Cobbett Park has an annual rental income of £1.24 mln. The accommodation is let to eight tenants including Surrey County Council, Big Yellow, Safestore, Furniture Village and City Link, with an average unexpired lease term of 11 years to expiry and 7.5 years to breaks.
The estate is located on the Slyfield Industrial Estate, the principal industrial and commercial centre in the north of Guildford, and benefits from excellent access via the A3 to the M25 and the national motorway network.
This was the second acquisition Orchard Street has made for the same client in the past two weeks, having also completed the purchase of City Cross Business Park in Greenwich, from Aviva, for £21 mln.
DTRE advised Orchard Street and JLL advised Legal & General Property.
