An institutional investor client of HSM has sold five production/distribution units in Harlow, Essex, to South Yorkshire Pensions Authority, represented by Standard Life Investments, for £5.73 million, reflecting an initial yield of 6.43%.
Located on the Harlow Business Park, the five units total 55,750 sq ft and are fully let to Molecular Products. Completed in 2008, the B1, B2 and B8 units are set on a 2.84 acre site and have been fitted out by the occupier to provide office, production and distribution facilities.
Molecular Products agreed an 18-year lease on the five units in 2009 at a rent of £390,000 pa with five-yearly rent reviews.
The 50-acre Harlow Business Park, which includes office, industrial, R&D and distribution units, provides easy access to the M11 and M25 motorways, as well as Stansted Airport, nine miles to the north.
HSM partner, Paul Yeadon, comments: “Harlow is a significant commercial and manufacturing centre and this recently constructed, high specification development of detached and terraced production/distribution units provided an attractive investment opportunity in a strong location.”
The purchaser was advised by Chris Freer-Smith Ltd.