DTZ Investors complete freehold acquisition of Wickford Enterprise Centre, Wickford
DTZ Investors has completed the freehold acquisition of Wickford Enterprise Centre, in Wickford on behalf of Basildon Borough Council who were the long leaseholder. The price for this in-brough opportunity was £11.27m reflecting a net initial yield of 2.33%. DTRE and Glenny represented DTZ Investors.
The 1980s industrial estate comprises 49,918 sq ft across 10 units with approximately 114-years unexpired on a highly geared long leasehold linked to rents receivable. The estate is multi-let to provide a diverse income profile with the opportunity to refurbish units and maximise rent which has seen significant growth in recent years around Basildon.
Ben Haller, Director at DTZ Investors, comments: “We are delighted to have extinguished this title structure for the client, which gives them full control of the site and removes an extremely large pay-away for the next 114 years. Retaining 100% of the income will have an immediate and positive impact on the Council finances.”
Tom Homan, Partner in the Industrial Investment team at DTRE, adds: “Investor demand for industrial and long income remains very competitive, so we are pleased to have supported this acquisition. The estate is one of the best in Wickford whilst continued occupier demand and rental growth should ensure the asset performs well in the years to come”.
Griffiths Eccles represented the vendor.