LaSalle Investment Management ('LaSalle') today announces that it has completed the purchase of the London Works Estate for £8.5 million (approx. 10.8 million). The purchase, reflecting a net initial yield of 6.81%, was made in conjunction with Wrenbridge Land.
The property benefits from a strong location, with prominent frontage on to the A13, and sits within Barking's established industrial and trade district only nine miles from Central London. It comprises two units which sit on an L-shaped site of just under four acres and total approximately 63,500 ft² (approx. 5,899 m²).
The property is let on a single lease to Saint Gobain Building Distribution Limited, a global leader in design, production and distribution of construction materials, which expires in June 2024.
Toby Wenham, Associate Director at LaSalle Investment Management said: "The purchase of Ripple Road forms part of the core strategy in purchasing good quality industrial stock in well located areas. We have secured a 12 year income stream to an excellent covenant and we expect to benefit from the continued excellent performance of London industrial as an asset class."
LaSalle was advised by Drivers Jonas Deloitte and Wragge & Co acted as LaSalle's solicitors.