JV trio acquire industrial site on Eley industrial estate
A joint venture between Melburg Capital, Investec Property and Argo Real Estate, has acquired a 200,000 sq ft off-market industrial site on Eley Industrial Estate in North London.
The deal takes Melburg’s recent spending spree to past £300m in the past 15 months, as the company looks to expand and diversify its portfolio, which invests across all UK sectors, including commercial and residential, mixed-use development, strategic land and asset-backed operating business.
The estate was purchased from a private family office for an undisclosed sum and is currently let to an average rest of c.£3.50 per sq ft. The joint venture’s intention is to modernise the estate, driving the rental income from its incredibly low base.
Crispin Gandy, from Investec Property, said: “We are delighted to have completed this off-market transaction in such a competitive market and look forward to turning the asset around. Tenant demand is strong and we are already seeing opportunities to drive the rents significantly in the short term.”