Land Securities subsidiary Ravenseft Industrial Estates has spent £29.5m on two industrial estates close to Heathrow.
The Heston Centre, Southall Lane, Heston, is an 11-unit, 215,500-sq ft industrial estate let to tenants including Airfreight International, P&O Property Holdings, Olympus Optical, Allport Freight and others. The current rent roll is around £1.6m.
The second investment is a 264,000-sq ft industrial estate close to the M3 at Sunbury Cross and is let to ICI and Unigate subsidiary Job’s Dairy, producing £1.5m pa. The deal reflects an initial yield of 10.25%.
King Sturge & Co acted for the unnamed financial institution vendor. Erdman Lewis advised Land Sec.
