Orchard Street Investment Management has bought a multilet industrial estate in Hemel Hempstead, Hertfordshire, for £14.9m from DTZi.
Centro Industrial Estate comprises four properties spanning some 63,000 sq ft and leased to Virgin Media, NTT, the Ambulance Service and DHL. The broader Maylands Industrial Estate is a popular last-mile location and Orchard Street believes the site will benefit as industrial occupiers are displaced from central London.
The site has a WAULT of 9.5 years to expirations and reflects a rent of £10 per sq ft overall, which Orchard Street said offered strong prospects for growth.
“In a volatile environment, the property provides secure income from a robust tenant line-up and, with occupational demand remaining buoyant in Hemel Hempstead and the wider South East market, the rental growth prospects for this property are positive,” said Harry Buxton, acquisitions manager at Orchard Street.
Orchard Street was advised by Gerald Eve; DTZi was advised by DTRE.
To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette
