LondonMetric acquires two urban warehouses in London for GBP13.5m
LondonMetric Property (LondonMetric) has acquired two vacant London warehouse assets in Brent Cross and Streatham for a combined purchase price of GBP13.5 million.
The Company has agreed a new 20 year lease with Jacuna Kitchens across c75 per cent of the combined space. Jacuna will operate c100 dark kitchens across both locations and LondonMetric will refurbish and upgrade the warehouses to provide enhanced power, ventilation and drainage to the buildings.
Letting of the remaining space is under negotiations with a new delivery start up. Following completion of the letting and refurbishment, LondonMetric expects to deliver a blended yield on cost of 5.4 per cent from the acquisitions.
Andrew Jones, Chief Executive of LondonMetric, says: “We are excited by the dark kitchen sector and are pleased to be able to work with Jacuna on acquiring these warehouses and upgrading the facilities to their requirements. We are working with them on the rollout of further dark kitchen facilities across London.”