Chancerygate has sold a 79,000 sq ft industrial property to Ecclesiastical Insurance for £13.3m, reflecting an initial yield of 5.5%.
The property at 130 Oldfield Road in Hampton, Middlesex, was developed by Chancerygate in 2006 and prelet to Hallite Seals International.
Chancerygate asset manager Simon Barrs said: “Having developed and prelet the property to create an institutional product, we considered the time was right in the economic cycle to dispose of this asset and to reinvest the proceeds into product that will give us greater returns. The property is ideal for an institutional hold and will serve the buyer well.”
Chancerygate was advised by Tudor Toone; Cluttons advised Ecclesiastical Insurance, a fund managed by Knight Frank Investment Management.
