Russell-Cooke recently represented a private letting company client on the sale of a prime urban logistics unit in Park Royal for the sum of £38 million. The purchaser was last-mile real estate specialist Valor Real Estate Partners, a subsidiary of Black Rock Investors/Asset Managers.
The property is an industrial warehouse unit comprising 55,000 sq ft of high-quality warehouse space across two units that are currently fully-let to independent food production and wholesale businesses. The transaction consisted of a freehold sale subject to two commercial leases and two leases of electricity sub-stations.
Park Royal is located close to Heathrow Airport with links to central London via the A40 and North Circular will benefit from the arrival of HS2, the new rail line that will connect London and Birmingham. The area is one of London’s most mature last-mile distribution sub-markets and is a hub for food production and distribution.
The team was led by real estate partner Arnold Isaacson assisted by senior associate Edward Fairweather who advised the client on the transaction.
Partner Arnie Isaacson said: “This was an unusual transaction in that units in this prime location rarely come up for sale and we needed to move quickly. We obtained a very successful result - simultaneous exchange and completion – within six weeks of receipt of Heads of Terms. Logistics continues to be a thriving aspect of the commercial real estate market and we continue to advise both landlords and tenants both in this and other sectors”