BNP Paribas Real Estate, on behalf of a client of Aberdeen Asset Management, has purchased the freehold interest in Unit 10 White Hart Avenue for £14,975,000. The fund manager bought the 107,552 sq ft warehouse from Tilfen Land Limited.
The property comprises a modern high-bay warehouse unit with 21m eaves, let to document storage and records management company, Iron Mountain, for a further 16 years at a current passing rent of £805,845 increasing to £934,195 in 2014.
The purchase price represents a net initial yield of 5.9% off the topped up rent.
Aberdeen were advised by BNP Paribas Real Estate and Griffiths Eccles acted for Tilfen Land.