MIDDLESEX INDUSTRIAL SELLS AT 5.5%
Posted on: June 17, 2015
Chancerygate has sold a 79,000 sq ft industrial building at 130 Oldfield Road in Hampton, Middlesex, to Ecclesiastical Insurance.
The property was developed by Chancerygate in 2006 and prelet to Hallite Seals International, part of the Fenner plc Group - a world leader in reinforced polymer technology manufacturing of a range of specialist industrial seals.
The sale price of £13.375m reflects an initial yield of 5.5%.
Chancerygate Asset Manager, Simon Barrs, comments: “Having developed and pre-let the property to create an institutional product we considered the time was right in the economic cycle to dispose of this asset and to reinvest the proceeds into product that will give us greater returns. The property is ideal for an institutional hold and will serve the buyer well”.
Chancerygate was advised by Tudor Toone while Cluttons advised the purchaser, Ecclesiastical Insurance, a fund which is managed by Knight Frank Investment Management.