DTZ Investors has sold a multi-let industrial estate in Harlow, Essex for £40m
DTZ Investors has completed the sale of Spire Green Centre in Harlow, Essex, selling to Kennedy Wilson for £40m, reflecting a capital value of approximately £257 psf.
The estate which is located off the M11 and in close proximity to the M25 extends to 155,541sq ft and comprises 16 units and let to 9 tenants, including DHL, Lloyds Pharmacy and Charles River.
Tom Royston, Director, DTZ Investors, said: “We are very pleased to have successfully completed the sale of the Spire Green Centre, Harlow. The sale crystalises an exceptionally strong outcome for our client, having acquired the asset back in 2011. The sales campaign was very well received by the investment market and attracted strong investor interest. We are now actively seeking new opportunities to re-invest the sales proceeds.”
John Adcock, Equity Partner at DTRE commented: ‘This sale demonstrates the continued healthy investor demand for multi-let industrial investments, the reversionary income stream on offer attracted very strong interest from a wide range of capital sources and allowed us to conclude the sale significantly ahead of the quoting price’.
Driven by the South East’s population growth and the continuing consumer behavioural shift towards e-commerce, the UK logistics & industrial market has witnessed burgeoning investor and occupier demand, buoyed further by the COVID-19 pandemic.