London Metric has purchased the freehold of an industrial unit at Central Park, Severnside, near Bristol, for £13.5m.
London Metric is a British property company with interest in diverse portfolios.
The acquisition of the 48,525 sq ft building on an eight-acre site from a private investor represents a Net Initial Yield of 5.05%. Severnside attracts a rental of £727,800 annually.
“Investor interest in the industrial & logistics sector is fierce and so it was excellent to secure this prime investment for our clients London Metric. This deal was particularly attractive as the lease contains annual rent reviews linked to RPI providing a hedge against inflation.” Steve Oades, head of the Capital Markets team at Knight Frank in Bristol, said in a statement.
Pallet and container pooling provider CHEP operates a pallet repair facility on the site, with 95 employees repainting, inspecting and repairing 100,000 pallets each week.