Investment Acquisition of Halo Business Park, Orpington
Industrial & logistics, Agency, Investment
Aviva Investors
THIS PROJECT WAS WORKED ON BY GERRY YOUNG, TOM PATON-SMITH AND KIRIL MALKIN, WORKING IN PARTNERSHIP FROM ACROSS OUR BUSINESS.
Key information
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.
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.
- 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%.
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