Buccleuch Property and Wrenbridge sells refurbished East London industrial unit for £6.7m
Buccleuch Property has sold Unit 7 at Beam Reach Business Park in Rainham, East London for £6.7m.
The 44,500 sq ft unit comprises a modern detached warehouse and two storey office on a site of 2.5-acres, offering ease of access to the main arterial routes to London and the A13 corridor. Formerly used as a printworks, Buccleuch Property purchased the property with vacant possession in early 2016.
Working with UK property firm and asset managers Wrenbridge, Buccleuch Property extensively refurbished the unit and secured planning for change of use class to B8.
In February of this year, Buccleuch Property sold the unit to record management specialists, The Hill Company, who will occupy the unit.
Nick Waugh, Commercial Property Director at Buccleuch Property, said: “the strategic purchase, combined with experienced asset management and well planned refurbishment of this unit allowed us to identify a strong exit within 14 months of acquisition. The new owner will benefit from the excellent location of this recently upgraded unit.
“As property investment and development specialists, we continue to look for new opportunities of this nature in locations across the UK.”
Jeff Wilson, Director at Wrenbridge, added: “This project again highlights the demand for mid-sized warehouse units inside the M25 where we have been focusing on delivering high quality new and refurbished space.”
JLL and Glenny acted on behalf of Buccleuch Property and Wrenbridge.