JR Capital completes 15 year EE investment on Park Royal
JR Capital is pleased to announce that we have completed the purchase of a £4.35m industrial investment on Park Royal in London.
Following competitive bidding from a number of UK and overseas investors we secured the building for £4.35m representing a Net Initial Yield of 6% with the benefit of fixed increases in the rent in years 5 and 10 of 6% and a further 12.5% respectively.
The property is rented to Everything Everywhere www.ee.co.uk , the UK’s largest mobile telecoms company, for 15 years with no breaks.
A 22,500 sq ft freehold property set on 0.75 acres on Park Royal, London’s premier industrial area close to Heathrow Airport and 5 miles from the West End, the property offers very secure and long dated income.
The property was purchased in cash and a senior debt package will be raised at a later stage.
John Collier-Wright commented ‘’We are pleased to have beat stiff competition to complete the purchase of this prime London industrial investment secured to a high quality tenant. The property provides long term and secure income with an opportunity to add value through development in the long term as less than 50% of the site is being used by the current tenant. The property was acquired with a major Middle East based conglomerate with strong appetite to continue to invest into further development and investment opportunities in the UK”
GVA acted for JR Capital and Buchanan Bond acted for the vendor.