DTZ INVESTORS HAS DISPOSED OF CENTRO INDUSTRIAL ESTATE IN HEMEL HEMPSTEAD FOR £14.9M.
DTZ Investors has disposed of Centro Industrial Estate in Hemel Hempstead for £14.9m to Orchard Street Investment Management.
The property is a multi-let industrial estate, providing circa 63,000 sq ft across four units. Located in the Maylands Industrial Estate in Hemel Hempstead, the property benefits from good access to the M1 and M25 motorway. The asset is fully let to Virgin Media, Gyron, the Ambulance Service and DHL, with an unexpired lease term of 9.5 years to expiry.
The property was acquired by DTZ Investors for £13.2m in December 2017.
The property was sold to Orchard Street Investment Management for £14.9m, reflecting a capital value per sq ft of £240.
Charlotte Barton, Portfolio Manager at DTZ Investors, commented:
“A successful sale was agreed in a challenging environment. The property benefits from being fully let to a strong tenant line-up, operating in defensive sectors more resilient to the impacts of COVID-19. The asset was re-positioned prior to the sale, following the settlement of a new rental tone at £11.25psf and the improvement to the security of income with the recent completion of a lease re-gear to Virgin Media.”
DTRE acted for DTZ Investors. Gerald Eve acted for the Purchaser.
For further details contact Tony Brothwell