Workspace Group has exchanged contacts for the disposal of Zennor Road Industrial Estate in Balham, SW12, for £30m.
The three-acre site totals 67,000 sq ft of lettable space with an average rent per sq ft of £13.90.
The property was sold at a premium of 84% to the 31 March valuation of £16.3m – a 2.9% yield.
Workspace chief executive Jamie Hopkins said: “Zennor Road is the last of our industrial estates earmarked for sale and our portfolio is now entirely focused on business centres and properties which represent refurbishment or redevelopment opportunities. This disposal has been completed at a significant premium to book value and the proceeds will be reinvested into our extensive project pipeline and targeted acquisition opportunities that will deliver value to shareholders.”
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