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LaSalle Investment Management has announced that it has completed the acquisition of a freehold industrial site in Newbury for £4.7 million on behalf of an institutional pension fund client.
The site, situated on Hambridge Road in Berkshire, was acquired from SEGRO and includes a 107,000 square foot single let B2 industrial unit. Long-term tenant SPX International Ltd, the global manufacturing and industrial equipment supplier, has been on the site for 50 years.
A further 4.8 acres of development land is included in the acquisition with planning consent for 93,300 square feet of B1, B2 and B8 accommodation with trade counter use in part. LaSalle is targeting pre-lets.
Jonathan Hawkes at LaSalle Investment Management said: “We are excited to have completed on the purchase of this property, which offers the stability of a long-term tenant alongside development upside.”
LaSalle was advised by Rumsey and Partners. Deal Varney and Parkinson Holt acted for the vendor
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