Orchard Street Investment Management has bought a distribution centre in Thurrock, Essex, for £11m – a yield of 4.65%.
The 66,424 sq ft shed at Dolphin Park adjacent to the M25 was acquired on behalf of a pension fund by way of a sale and leaseback from The Hill Company.
The shed is fully let to The Hill Company on a 25-year lease with five-yearly rent reviews linked to RPI. The asset comprises a modern warehouse unit with two-storey office accommodation.
It is located in a logistics hub where occupiers include Tesco, DHL, Amazon and Marks & Spencer.
Orchard Street was advised by Knight Frank; The Hill Company was represented by Savills.
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