Ashford industrial investment sells for £8.42m 17.10.17
A 112,449 sq ft warehouse building on Orbital Park in Ashford, Kent has been sold to CCLA Investment Management for £8.42m.
Unit M is let to Menzies Distribution and Brookes Homes Developments and currently produces annual income of £606,436 which equates to £5.39 per sq ft overall. The investment has a 4.8 year WAULT and its sale reflected a net initial yield of 7.22%.
Levy Real Estate’s Simon Higgins – who advised on the sale – comments: “This is an established estate in a strategic location and we were able to achieve a sale ahead of the original asking price. This demonstrates the popularity of these investments in the market.
“Orbital Park is strategically located within the Channel Tunnel corridor and is viewed by the local council as an area for significant commercial development/expansion.”