Montagu Evans advised Aberdeen Standard Investments (Abrdn) on the acquisition of Phoenix Trading Estate in Perivale. The estate comprises five industrial/trade counter units extending to 36,161 sq ft GIA with individual unit sizes ranging from 5,765 sq ft to 8,101 sq ft.
The estate is multi-let to four tenants generating a total rental income of £384,498 per annum, reflecting a low average rent of £12.65 per sq ft (excluding unit 4 which is held as a long leasehold). The WAULT to expiry and break was 6.9 years and 2.4 years respectively at the time of sale.
Aberdeen Standard Investments (Abrdn) purchased the estate in March 2021 for £12,400,000 which reflects a net initial yield of 2.91% and capital value of £343 psf.
Industrial & logistics, Agency, Investment, Lease advisory