ACRE Capital have advised Royal London Asset Management on the acquisition of a prime South East industrial estate in Hoddesdon.
The property comprises a 14-unit estate extending to approximately 145,000 sq ft and is let at a low average passing rent of 6.83 per sq ft, presenting excellent prospects for short term reversion.
Hoddesdon is very well poised for further long-term rental growth as occupiers continue to be displaced from nearby competing London markets, such as Enfield, where prime rents have reached 15.00 per sq ft and industrial supply is eroding.
The property was successfully acquired following a competitive bids process for 21,850,000.
Property Type: Multi-Let Industrial
Transaction Type: Acquisition
Client: Royal London