Reading: Aviva sells industrial estate for £13m
Aviva Investors has sold Units A-F, Reading Approach, Cradock Road in Reading to John Lyon’s Charity for circa £13 million – a net initial yield of 4.85% – in one of the keenest yields seen for a non-inner M25 multi-let industrial estate this cycle.
The self-contained industrial estate was developed in 2004 and totals 81,584 sq ft. It is fully let to two tenants, with the average passing rent equating to £8.31 per sq ft.
John Lyon’s Charity is a longstanding in-house client of Cluttons Capital Partners. The Charity gives grants to benefit children and young people up to the age of 25 who live in nine boroughs in northwest London: Barnet, Brent, Camden, Ealing, Hammersmith & Fulham, Harrow, Kensington & Chelsea and the cities of London and Westminster.
The Charity’s mission is to promote the life-chances of children and young people through education and it is now distributing over £10m pa to a range of services for young people, including youth clubs, arts projects, counselling initiatives, childcare and parental support schemes, sports programmes and academic bursaries.
Ross Owen, chief executive of Cluttons Capital Partners, said: “We were delighted to have secured this property for our client. The fundamentals here are compelling and it fits very well with our existing portfolio.”
Mike Green, head of UK industrial at Aviva Investors, said: “We are extremely pleased with the result of this transaction. The disposal delivers to our investors a positive outcome, having successfully executed the business plan for the asset.”
Stonehill Partners advised Aviva Investors.
Courtesy of CoStar
