AXA Real Estate Investment Managers, acting on behalf of clients, has sold the Ascent Park trade park in Harlow to Standard Life Investments for £9.97 million (approx. 11.8 million), representing an average yield of 6.2%.
Ascent Park is situated in the main commercial area to the north of Harlow town center, approximately 20 miles north of central London and 36 miles south of Cambridge. The property is prominently situated on Edinburgh Way, Harlow's primary commercial area and links directly with junction 7 of the M11.
The trade park comprises nine units on a site that extends to approximately 5.6 acres. The estate is fully let to eight tenants, including Safestore Trading, Multi-tile Limited and Screwfix Direct and provides an average weighted unexpired term of 7.8 years.
Jones Lang LaSalle acted for AXA Real Estate while Drivers Jonas Deloitte acted for Standard Life.
James Owen, Senior Fund Manager at AXA Real Estate said: "This sale allows us to continue to benefit from the attractive pricing which is available as a result of investors continued appetite for well let assets that are well located and situated in the M25 region. We intend to use the proceeds from the sale to help a number of asset management opportunities we have identified within the rest of the portfolio."
Source: FTI Consulting