This project was worked on by the following people, working in partnership from across our business…
- Luca Nardini Associate, Commercial Agency and Advisory
- Tom Paton-Smith Head of Offices Sector Partner, Commercial Agency and Advisory
- Chris Kerrison Surveyor, Commercial Agency and Advisory
- Jody Smith Partner, Commercial Agency and Advisory
- Jonathan Best Partner, Planning & Heritage
- Kirill Malkin Associate, Planning & Heritage
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.