Orchard Street Investment

Orchard Street Investment Management, the specialist commercial property investment manager, has completed the acquisition of a prime, multi-let industrial estate in Hemel Hempstead for £14.9 million.

The asset was acquired from DTZi on behalf of St James’s Place Property Unit Trust.

Centro Industrial Estate is a freehold self-contained estate totaling approximately 63,000 sq ft and comprising of four modern units. Fully-let to four high-quality tenants including Virgin Media, NTT, the Ambulance Service and DHL, the property has a WAULT of 9.5 years to expiries and reflects a low passing rent of £10.00 per sq ft overall, offering strong prospects for rental growth compared to prime rents in the area in excess of £13.00 per sq ft.

Industrial supply within Hemel is particularly low compared to the wider South East market and is well-positioned as a last mile location to benefit from the displacement of industrial occupiers from Central London.

Harry Buxton, acquisitions manager at Orchard Street, said: “Given the scarcity of good quality, well-let opportunities at present, this acquisition represents an excellent addition to our client’s portfolio and demonstrates our strong appetite for the industrial sector.

“In a volatile environment, the property provides secure income from a robust tenant line-up and, with occupational demand remaining buoyant in Hemel Hempstead and the wider South East market, the rental growth prospects for this property are positive.”

Our Ambassadors