ACRE Capital have advised CBRE GI on the disposal of a prime urban logistics and trade counter estate in Deptford, London.
The property comprises 2 “mid box” trade counter and urban logistics warehouses providing a total floor area of 68,320 sq ft. The property is fully let to Wolseley and Constantine, producing a total rent of £1,098,032 per annum, reflecting a highly reversionary £16.07 per sq ft. With 100% of the income subject to rent reviews in 2022 and 2023, the property offers excellent rental growth prospects.
The property was acquired by Westbrook Partners for a purchase price of £38,600,000, reflecting a net initial yield of 2.66%.
Property Type: Multi-let Estate
Transaction Type: Disposal
Client: CBRE GI