IPIF purchases the A1(M) Business Centre for £7.15 million
23 May 2008
Seven industrial units extending to approximately 7,556.6 m² at Welham Green, South Hatfield
The Industrial Property Investment Fund, c/o Legal and General Investment Management Limited, has purchased the A1(M) Business Centre, Welham Green, South Hatfield from Resolution Asset Management for £7.15 million.
The estate, constructed in the late 1980s, comprises seven industrial units extending in total to approximately 7,556.6 m² (81,341 ft²). The property is fully let to a variety of tenants and provides a current income of £599,496 per annum (£7.37 per ft² overall). The average weighted unexpired term is just over 5 years.
The purchase reflected a net initial yield of 7.92%.
The King Sturge investment and building consultancy teams advised IPIF, whilst Lambert Smith Hampton represented Resolution Asset Management.
