Petchey buys into Essex industrial 21.04.15

Petchey Holdings has bought an eight-unit, multi-let industrial property at Bankside Park in Thames Road, Barking for £2.6m.

The investment comprises Units 2-9 which total 22,030 sq ft and produce current income of £180,585pa.

Jeremy Grundy of Levy Real Estate – who advised on the acquisition – commented: “This purchase demonstrates the continued investor appetite for industrial stock within the M25 where values can be driven by positive asset management and tenant care.

“The Bankside acquisition reflects a yield of 6.6% and a capital value of around £118 per sq ft, and this is a reversionary asset with scope for income enhancement.”