LOTHBURY Investment Management, on behalf of Lothbury Property Trust, has acquired a modern 250,000 sq ft distribution warehouse located on Weston Avenue in the popular West Thurrock trading estate for £18.85 million reports Business Weekly.
The property is located next to junction 31 of the M25 and the Lakeside Shopping Centre and retail parks.
The unit is let to Marks and Spencer PLC for a further 9.5 years at a rent of £1.476m. It is one of M&S’ main distribution centres for children’s clothes.
Jo Bond, director at Lothbury Investment Management said: “With the site’s close proximity to the M25 and A13, it is one of the most popular distribution and retailing locations in East London.
“The unit is let off a modest rent to an excellent covenant. With Lakeside and other top retail destinations on the doorstep, in the longer term, we envisage significant potential for redevelopment.”
Mason Philips and Norton Rose represented the purchaser with Doherty Baines and Anderson Strathern acting for the private vendor. The yield was 7.4 per cent.