Investment Acquisition of Matthew Clark, 12 Central Way, Park Royal
Evans advised Prologis on the acquisition of the freehold interest from Aberdeen Standard Investments for £34,500,000 in March 2019, reflecting a capital value of £439 psf and Net Initial Yield of 3.19%.
- A unique self-contained site comprising 4.52 acres in London’s core industrial area, Park Royal
- Positioned in a well connected location, just 1 mile from the A40
- The unit comprises 78,620 sq ft of industrial accommodation which boasts a large, fully secured service yard with a consistent depth of 90m.
- Minimum clear eaves height of 9.0m, rising to 11.4m at the apex.
- Let to Matthew Clark Limited (5A1 D&B) on a brand new lease for a term of 25 years, expiring 24th March 2023.
- Total income of £1,190,000 p.a., which reflects a low passing rent of £15.14 sq ft.
- Montagu Evans’ industrial agency team worked alongside the planning team to provide advice relating to Prologis’ future aspirations with the site.
- Montagu Evans continued to work closely with Prologis on various opportunities following this initial acquisition and exchanged on the purchase of 15 Central Way in Park Royal in July 2019. The unit, occupied by Santa Fe, was purchased for £24,000,000 (Net Initial Yield of 3.75%).