Marchmont Investment Management Acquires Site At Belvedere Industrial Estate
Published by Glenny on 2nd December 2019 -
As Belvedere continues to establish itself as South East London’s premier logistics location, Glenny LLP is pleased to have advised Marchmont IM on its acquisition of this 2.08-acre site on Crabtree Manorway North in the heart of Belvedere. Nearby occupiers included Lidl, Amazon, Tesco, Ocado & The Met Police.
The site comprises 13,447 sq ft of bespoke distribution hub and offices with extensive yards and parking with a very low site coverage let to Tuffnells on a new 10-year lease with RPI uplifts at a rent of £245,083 pax. The deal was exchanged within a week at a net initial yield of 4.8%.
Cameron Fraser of Marchmont said: “We are pleased to have acquired another industrial asset in one of London’s growth locations. This is our second acquisition in Belvedere this year which has been made possible with the excellent local market knowledge provided by Glenny.”
Richard Seton Clements, Divisional Partner of Glenny’s South East London & Kent Office said: “We were pleased that our extensive knowledge of the Belvedere industrial area enabled us to provide a quick and detailed assessment supporting our client’s speedy acquisition of the property.”
Knight Frank acted for Tuffnells in the sale.