Pier Road Industrial Estate, Feltham acquired off market for £12.3m
DTZ Investors have completed the off market acquisition of Pier Road Industrial Estate, Feltham from TH Real Estate for £12.3m, reflecting a net initial yield of 4.5%.
Pier Road Industrial Estate is a multi-let industrial investment situated on the North Feltham Trading Estate, approximately 3 miles from the Heathrow Cargo Terminal.
The asset is currently let to HAE Global and Smith Brothers Stores Ltd at rents of £13.50 per sq ft and £12.25 per sq ft respectively providing a weighted average unexpired lease term of 8.9 years to expiry and 3.9 years to break.
As a highly specified and refurbished building, the subject property stands out as a core asset within the immediate area and provides the Fund with further Greater London multi-let industrial exposure.
DTZ Investors were advised by CBRE