Woolwich Industrial Estate

London, E16

Date acquired: January 2002
Location: North Woolwich, London E16
Size: 105,000 sq ft / 9,755 sq m

“Off market” acquisition in April 2002 of a 105,000 sq ft multi-let industrial estate for a total cost of £7.46m, an initial yield of 5.4%, let off average rents of £3.88 per sq ft compared to an ERV of £7.95 per sq ft.

75% of the income expired within 3 months and 100% within 17 months. 50,000 sq ft of the units were re-clad, using proceeds from a dilapidations settlement, and re-let at rents of up to £10 per sq ft, turning a ‘broken’, neglected asset into an institutional, refurbished, let asset in a growing part of Greater London with alternative use values being on the River Thames.

The estate was broken up and sold in 3 parcels between 2005 and 2011 for total proceeds of £14.9m.

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