Kenmore sells Comet warehouse to CommerzReal
Kenmore Capital, the largest fund managed by Kenmore Property Group, has confirmed the sale of a Comet retail warehouse in Harlow, Essex, to CommerzReal for just over £39m – reflecting a net initial yield of 5.75%.
The Comet Building at Edinburgh Way, Harlow was developed in a joint venture with Canmoor and comprises 380,000 sq ft of industrial space and was let to Comet upon practical completion of construction works.
Comet has taken a 20-year lease at £2.37m pa, equating to £6.23 per sq ft and rising by 3% pa throughout the term.
Daniel Williams, head of development at Kenmore, said: “This sale concludes the successful active development management and investment potential of this site and demonstrates that there are still deals to be done on well-located properties which are let on good terms to strong covenants.”
CBRE acted for Kenmore and Canmoor. Savills represented CommerzReal.
paul.norman@egi.co.uk
Kenmore Capital, the largest fund managed by Kenmore Property Group, has confirmed the sale of a Comet retail warehouse in Harlow, Essex, to CommerzReal for just over £39m – reflecting a net initial yield of 5.75%.
The Comet Building at Edinburgh Way, Harlow was developed in a joint venture with Canmoor and comprises 380,000 sq ft of industrial space and was let to Comet upon practical completion of construction works.
Comet has taken a 20-year lease at £2.37m pa, equating to £6.23 per sq ft and rising by 3% pa throughout the term.
Daniel Williams, head of development at Kenmore, said: “This sale concludes the successful active development management and investment potential of this site and demonstrates that there are still deals to be done on well-located properties which are let on good terms to strong covenants.”
CBRE acted for Kenmore and Canmoor. Savills represented CommerzReal.
paul.norman@egi.co.uk
