The asset sold for £3.1million to an undisclosed buyer represented by Knight Frank, reflecting a net initial yield of 6.82%.The property comprises a single let warehouse spanning 29,213 sq ft and is fully let to Cox Wokingham Plastics who has occupied the premises since 1960.
Wokingham town centre is currently undergoing an extensive £115m regeneration to improve its public spaces, retail & leisure offering, and parking facilities. Alongside this, several major residential developments are underway with c4000 new units due by 2026. Wokingham has excellent travel connections located on the M4 corridor, 45 mins by rail from London Paddington, and 25 mins from Heathrow. The asset is situated in the main commercial and industrial area of Wokingham.
Charlie How, Associate Director, Capital Markets, at Lambert Smith Hampton, commented:
“Wokingham is undergoing major redevelopment and as such a lot of employment sites are being converted to residential. This has impacted local industrial stock, which is in short supply and high demand.
“We’re happy to have closed this deal on behalf of our client, and the purchaser will benefit from receiving a site with a committed tenant in situ alongside the potential to maximise further value via several asset management initiatives.”
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