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