Vale Industrial Estate in Watford has been sold for £4.94m to Petchey Holdings plc.
The multi-let industrial estate property was purchased as an investment for Petchey Holdings, the property investment business owned by veteran property entrepreneur Jack Petchey. Petchey Holdings has been actively expanding its investment activity focusing on industrial estates the South East and principally within the Greater London region.
Lambert Smith Hampton (LSH) acted on behalf of the vendor, a private family trust that has owned the 67,824 sq ft industrial estate since the early 1970s.
Average capital values of Greater London industrial property have started to grow again, reflecting investor demand on the back of the UK’s growing economic recovery.
Charlie Lake, Associate Director of LSH, said: “This transaction demonstrates the strength and depth of the Greater London industrial property market, where constrictions on land supply means industrial land is at a premium. It also represents the 10th acquisition in as many months for the Petchey Group and ensures the entrepreneurial management of the estate will continue well into the future”
The industrial investment comprises 22 units let to 18 established tenants arranged within a number of industrial units and terraces. The property is located on the A4145 Tolpits Lane, in close proximity to the M25 and with excellent access to central London and the region’s airports.
Petchey Holdings plc was represented by GVA.
The vendor was represented by Lambert Smith Hampton.
