Picton buys Barking industrial estate

By Jim Dunton - Wed 25 September 2013, 6:14 pm

Property-investment company Picton has bought Barking's Lyon Business Park for £9.48 million.

It said the 12-unit, 103,000 sq feet distribution and warehouse development was well-located close to the A13 and A406.

Picton chief executive Michael Morris said the acquisiton complemented its existing portfolio.

“Whilst strategically we were attracted to this location by virtue of its excellent road connectivity and the on-going regeneration of the Thames Gateway, our short term focus is to improve the income profile through asset management,” he said.

The company said the business park was currently let to seven occupiers and produced an annual income of £650,000, but could achieve £740,000 if three of the site's vacant smaller units were also let.

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