Orchard Street Investment Management has completed the acquisition of an industrial estate in Chessington, Greater London, for £40.25m from Aberdeen Standard Investments on behalf of St James’s Place UK.
The purpose-built estate is comprised of four units totalling 138,486 sq ft across a seven-acre site.
It is fully let to three tenants with a WAULT of 6.5 years to breaks and 8.4 years to expiries on a passing rent of £11.80 per sq ft.
Harry Buxton, acquisitions manager at Orchard Street, said: “The industrial occupational market in Chessington and its surrounds is characterised by an acute lack of supply, which continues to drive rental growth.
“With robust occupier demand and the continued loss of industrial land within the M25, this latest addition to our client’s portfolio presented a compelling opportunity to acquire a well-connected, prime industrial estate with strong reversionary potential and longer-term asset management opportunities.”
Orchard Street was advised on the acquisition by DTRE. Aberdeen Standard Investments was advised by JLL.
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