Halo Business Park, Orpington. Gerry Young AND Matt Moran.

Investment Acquisition of Halo Business Park, Orpington

In January 2019, Montagu Evans advised Aviva Investors on the forward funding purchase of the freehold interest from Downham Land – a joint venture between Goya Developments and Bilsdale Properties for £45,750,000, reflecting £304 psf.

• The development of the speculative trade and warehouse units was completed in July 2019.
• 2 units were pre-let and 1 unit was under offer at the time of sale.
• Halo Business Park comprises 150,600 sq ft (GEA) of high quality industrial space across 14 units ranging from 4,181-33,670 sq ft.
• Annual market rent was estimated to be £2,438,788 per annum, reflecting an average rent of £16.37 per sq ft and a reversionary yield of 4.99%.
• Montagu Evans provided Aviva Investors with with leasing, asset management and planning advice.
• Aviva Investors retained the Montagu Evans industrial agency team as the joint leasing agents on the development and have since achieved a headline rent of £19.00 per annum on the park.