Goya Developments and Bilsdale Properties have sold Orchard Business Park in Woking, Surrey, to Royal London for circa £21m – reflecting a 4.40% yield.
Located on the former Alent site on Forsyth Road, to the north-east of Woking town centre, Orchard Business Park is a development of six high-spec industrial warehouses, totalling 77,000 sq ft. The scheme reached practical completion in March 2017.
Three of the six units were prelet during construction to McLaren Automotive, Euro Car Parts and CRM Trading. Marketing of the remaining three units is ongoing.
Jim Bryan, of Goya Developments, said: “The quality of the Goya product and the strong supply-demand dynamics that we chase with every acquisition is helping us drive the rents. Royal London will be able to continue to do this with the three remaining units so it will be a good deal for all parties.”
Nick Ogden, partner at Gerald Eve, added: “The sale illustrates the continued strength of demand for best-in-class, multi-let industrial estates in the South East. Royal London successfully fought off stiff competition from a host of institutional and local authority bidders, performing within short timescales to enable the developers an exit ahead of business plan.”
Goya Developments and Bilsdale Properties were advised by Gerald Eve and Fletcher King; Montagu Evans acted on behalf of Royal London.
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