Lothbury Investment Management Limited, on behalf of Lothbury Property Trust, has disposed of the Fleming Centre in Crawley to AIPUT (Aberdeen Airport Investment Unit Trust) for £22.4 million, representing a yield of 4.19%.
The Fleming Centre was constructed in the mid-1980s and has been part of the Lothbury Property Trust portfolio since 2005. Located less than two miles from Gatwick Airport and junction 10 of the M23, it is let to five tenants and comprises 94,272 sq ft (GIA) across seven units on 4.29 acres.
Tenants on the scheme are Chemigraphic, British Red Cross, RCG Group, Premier Bathroom Products and Kafevend Group, generating a rent of £1,062,500 per annum. There is one void unit.
Ed Hockley, Director at Lothbury Investment Management, said: “The Fleming Centre sits in a sector that is set to perform well and its sale attracted very encouraging interest. However, given the age of the asset and the limited redevelopment potential, we believe that a disposal at this stage provides the Fund with an excellent opportunity to invest further in its sustainability-focussed industrial developments at Poyle, close to Heathrow Airport, and at the expanding Broadland Business Park in Norwich, where 40 acres of development land for B2, B8 and E uses has recently been released.”
DTRE represented Lothbury; AIPUT was represented by Gerald Eve.
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