Orchard Street Investment Management has completed the acquisition of a prime, multi-let industrial estate in Hemel Hempstead, Hertfordshire for £14.9m.
The asset was acquired from DTZi on behalf of St James’s Place Property Unit Trust. Existing tenants including Virgin Media, NTT, the Ambulance Service and DHL.
Centro Industrial Estate is a freehold self-contained estate totalling approximately 63,000 sq ft and comprising of four modern units.
Harry Buxton, acquisitions manager at Orchard Street, said: “Given the scarcity of good quality, well-let opportunities at present, this acquisition represents an excellent addition to our Client’s portfolio and demonstrates our strong appetite for the industrial sector.
“In a volatile environment, the property provides secure income from a robust tenant line-up and, with occupational demand remaining buoyant in Hemel Hempstead and the wider South East market, the rental growth prospects for this property are positive.”
Orchard Street was advised on the acquisition by Gerald Eve, while the vendor was advised by DTRE.
This post has originally been featured in Property Wire.