LaSalle completes GBP8.5m purchase of London Works Estate, Barking
LaSalle Investment Management has completed the purchase of the London Works Estate for GBP8.5m.
The purchase, reflecting a net initial yield of 6.81 per cent, 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 square feet.
The property is let on a single lease to Saint Gobain Building Distribution, which specialises in the design, production and distribution of construction materials, which expires in June 2024.
Toby Wenham, associate director at LaSalle Investment Management, says: “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.
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