Savills - Industrial Sale - Gillingham and Swanley, Kent

Date: 04 Sep 2008

CBRE Investors, advised by Savills, has sold the freehold of two industrial investments in Gillingham and Swanley in Kent to TBH. The two properties were sold as part of a larger package, and between them totalled approximately £5.7 million, reflecting a blended yield of 8.44%.

Medway Distribution Centre in Gillingham offers six industrial/trade counter units totalling 68,691 sq ft (6,382 sq m). The centre, located two miles form Junction 4 of the M2, is let to four tenants including Jewson and Travis Perkins, generating a total annual rental income of £323,370.

The single unit at Swanley is a self-contained warehouse entirely let to Zenith Hygiene Group and totals 25,326 sq ft (2,353 sq m). It generates an annual rental income of £185,500.

Humphrey Voelcker, of Savills, comments: "These two industrial properties proved attractive to the purchaser due to their situation in strategic locations with good access to the M25 and Thames Gateway. These transactions show that there are investors in the market, but that they are going back to the property fundamentals of good product in the right location."

TBH was advised by GVA Grimley.

Gillingham Site