Salmon Harvester Properties (SHP) has sold the first phase of its development known as Axiom on Orbital Park in Ashford, Kent, to clients of Columbia Threadneedle Investments.
The transaction was concluded off market and the sale price was £10.1M, reflecting an initial yield of 4.9% on the headline income. Occupying tenants include Howdens Joinery, Meggitt Safety, Forza Industries, Specialised Roofline Supplies and Hire Station.
Salmon Director, Pat Mahoney, said “This sale is the culmination of the complete development process from building out the scheme, leasing the units at record-breaking rents to disposing of the completed investment at a competitive price reflecting the strength of the industrial market.”
This sale leaves only 2.7 acres of land left for design and build development at Axiom.
SHP was advised on the sale by HSM and Columbia Threadneedle Investments by BNP Paribas Real Estate.