LondonMetric acquires £16m Luton urban logistics warehouse

LondonMetric Property Plc (“LondonMetric”) announces the acquisition of an urban logistics warehouse in Luton from Marcol Industrial Investments for £15.5 million.

The 168,000 sq ft property is located on Luton Enterprise Park, close to Luton town centre and J11A of the M1. It is let to two occupiers with a WAULT of three years.  The rent of £0.7 million p.a. equates to a very low £4.20 psf, reflecting a NIY of 4.3% which rises to 5.9% based on ERV.

The property offers significant potential for redevelopment, which LondonMetric will look to progress on expiry of leases.

Andrew Jones, Chief Executive of LondonMetric, commented: “We continue to grow our urban logistics portfolio with quality acquisitions and this latest transaction is an excellent covered land opportunity in a very strong location offering significant rental reversion as well as attractive future redevelopment potential.”

LondonMetric was advised by Adroit and Knight Frank. The seller was advised by Savills.

The post LondonMetric acquires £16m Luton urban logistics warehouse appeared first on Built Environment Networking.

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