Stonelake Industrial Estate, Woolwich Road, Charlton, London, SE7 8LHMake an enquiry
Franck Steier Price has recently completed the acquisition of Stonelake Industrial Estate in Charlton on behalf of Fidelity International Real Estate Fund.
The property is located in an established retail warehouse and trade counter location immediately to the rear of Stone Lake Retail Park. The property comprises two modern industrial units constructed in 1999 and totalling 5,325 sq.m (57,325 sq.ft).
Unit A is let to Elliot Baxter for a term expiring in March 2015 and Unit B is let to Bunzl UK for a term expiring in August 2015. Both tenants are in full occupation of the units and the total income is £458,750 per annum which reflects a low average rent of £8.00 per sq.ft.
The purchase price of £6,750,000 reflected a net initial yield of 6.42% after purchaser’s costs of 5.80%.
The vendor was an institutional client of Finn & Co.
Ben Blackwall, Director at Franck-Steier Price Ltd (FSP), comments ‘The property comprises two modern industrial units located in South East London, an area where rents are now exceeding pre-recession levels due to strong demand from industrial occupiers and the scarce supply of Grade A stock.’
‘The erosion of London’s traditional industrial base for higher value uses has been particularly acute in Battersea, Bermondsey and Greenwich meaning that the Charlton/Woowich conurbation now represents the most significant industrial area within south-east London.’