Clifton are delighted to announce we have advised Valor Real Estate Partners on the purchase of Watford Interchange and Mitcham Industrial Estate for £72,000,000.
Previously owned by DTZ Investors, we have been tracking the Interchange for a number of years which offers the opportunity to actively asset manage a prime 60,000 sq ft multi let estate. The income is considerably reversionary with recent lettings in Watford at £15.50 per sq ft for second hand units and with prime quoting rents now at £25 per sq ft. The acquisition is the largest industrial transaction to complete in Watford.
Jim Remfry commented:
“It was great to leverage on my close relationship with both purchaser and vendor to execute this value add transaction. It’s always nice to return to do business in the town I grew up and hold close to my heart!”
The Watford acquisition formed part of wider “double deal” from the same vendor - DTZ Investors. Clifton jointly acted with DTRE on the purchase of Mitcham Industrial Estate which provides a 100,000 sq ft multi let estate on a 3 acre site in the London Borough of Merton.
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