CBRE Global Investors has completed two acquisitions in Milton Keynes and in West Thurrock on behalf of a client for a combined GBP19.8m.
The first acquisition is of two retail warehouse units in Grafton Court, Milton Keynes. The freehold units have been leased to CDS for 25 years and Wren Kitchens for 10 years; a 20.8-year lease average. The units were acquired for GBP11.9m and are in a prominent shopping destination, Winterhill.
The second acquisition is of two industrial units in West Thurrock, which are let for an average lease length of six years to DHL Global Forwarding UK and Harrow Green. The units, which were built in 2000, were acquired for GBP7.9m and will not require capital expenditure in the short term. West Thurrock is located in an established commercial and industrial centre 18 miles east of central London and close to the M25.
Michael Ness, UK head, CBRE Global Investors, says: “Both acquisitions present exciting growth opportunities. Milton Keynes is predicted to become the 14th largest city in England by 2031, while the West Thurrock site is well established and has excellent communication links with the capital.”
Edgerley Simpson Howe acted for CBRE Global Investors on Milton Keynes.
Strutt & Parker acted for CBRE Global Investors and Jones Lang LaSalle acted for the vendor on West Thurrock.