The Milton Group, advised by Montagu Evans, has sold Sandown Industrial Park in Esher, Surrey, to Elmbridge Borough Council for £14.075 million reflecting a net initial yield of 3.67%.
The 58,083 sq ft industrial estate is one mile from Esher town centre and is fully let to nine tenants providing a rental income of £551,932 per annum. Milton acquired the estate in 2013 and through a proactive asset management programme has driven the rents up 154%.
Montagu Evans advised The Milton Group on the original acquisition and subsequent sale of the asset. Tom Paton-Smith, Partner and Head of Business Space at Montagu Evans, said:
“This is a well-let and well-located property that has benefitted from The Milton Group’s active asset management over the past four years.”
BNP Paribas advised Elmbridge Borough Council on the acquisition.