Acting on behalf of Tonbridge Investments Ltd, we have secured the final tenant for an industrial scheme in Romford, Essex, and subsequently sold the scheme to investors.
Tonbridge Works on Tonbridge Road in Romford is a multi-let industrial development, based on the established Harold Hill Industrial Estate close to junction 28 of the M25. Our Essex team was appointed alongside Kemsley LLP to market the last available unit, which has now been let to an existing occupier on the Harold Hill Industrial estate in order to expand its business.
Sale secured close to £1.52m asking price
With the estate fully let, we have now sold the 35,773 sq ft scheme on behalf of Tonbridge Investments Ltd to Petchey Holdings PLC, for close to the £1.52m asking price - reflecting a net initial yield of 10%.
Daniel Harness, Senior Surveyor in our Chelmsford office, commented: “Working with our Capital Markets team, we were able to offer Tonbridge Investments strategic disposal advice when the scheme became fully let. We were subsequently appointed to sell the investment opportunity alongside Kemsley LLP, and after a short marketing period terms were agreed extremely close to the asking price with Petchey Holdings PLC - a high profile property investment company.”
Demand for industrial investment opportunities inside M25
Daniel added: “The sale of Tonbridge Works demonstrates the continued demand for industrial investment opportunities inside the M25, with property firms seeking good yielding, established industrial estates in which to invest.
"Like many other UK centres, the shortage of quality industrial units in all size ranges presents occupiers in Essex and East London with a major challenge when they are looking to relocate or upgrade their business premises. This is a focus for us as we continue our work with developers, investors and occupiers in the public and private sectors.”