Sale of Park Royal Warehouse
Cushman & Wakefield acted to advise PS&N (PR) Ltd on the sale of a distribution and warehouse facility in Park Royal, London.
The Park Royal distribution and warehouse facility was sold for £7 million to Teeside Pension Fund – reflecting a net initial yield of 4.05%, a record industrial yield for the area.
The prime warehouse unit, which measures nearly 40,000 sq ft, is entirely let to Bonhams 1793 Ltd until 2028 offering an unexpired term of just under 14 years.
Mike Burden, partner in Cushman & Wakefield’s UK capital markets team, said: “This is a great investment deal with secured income for the next 14 years from one of the world’s most respected auction houses. The 4.05% yield sets a new record level for Industrial Investments in Park Royal which was achieved following a fiercely completive series of bids.”