LaSalle Investment Management has bought Barking's London Works Estate for £8.5m in a deal that also involves Wrenbridge Land.
The company said the two-unit, four-acre site, which fronts the A13 and sits in Barking’s industrial and trade district, represented a “strong location” and was just nine miles from central London.
It is currently let on a single lease to Saint Gobain Building Distribution, which designs, produces and distributes construction materials. The lease expires in 2024.
Toby Wenham, associate director at LaSalle Investment Management, said the acquisition formed part of its “core strategy” of purchasing good quality industrial stock in well-located areas.
“We have secured a 12-year income stream to an excellent covenant and we expect to benefit from the continued excellent performance of London industrial as an asset class,” he said.
The City of London Corporation is about to buy Barking Power Station site in east London for around £125 million, according to Property Week.
A £25 million grant for Barking and Dagenham Council will help it support new housebuilding over the next four years.
Councillor Darren Rodwell, the leader of Barking and Dagenham Council, has welcomed the decision to approve the proposed Beam Park…