LaSalle Investment Management announces that it has completed the acquisition of a freehold industrial site in Newbury for £4.7 million (approx. 5.9 million) on behalf of an institutional pension fund client.
The site, situated on Hambridge Road in Berkshire, was acquired from SEGRO and includes a 107,000 ft² (approx. 10,000 m²) single let B2 industrial unit. Long-term tenant SPX International Ltd, the global manufacturing and industrial equipment supplier, has been on the site for 50 years.
A further 4.8 acres of development land is included in the acquisition with planning consent for 93,300 ft² of B1, B2 and B8 accommodation with trade counter use in part. LaSalle is targeting pre-lets.
Jonathan Hawkes at LaSalle Investment Management said: "We are excited to have completed on the purchase of this property, which offers the stability of a long-term tenant alongside development upside."
LaSalle was advised by Rumsey and Partners. Deal Varney and Parkinson Holt acted for the vendor
Source: Citigate Dewe Rogerson