Testament to the strength of the industrial property market, the RO Group has sold an industrial property for a total consideration of £1.765m. The property which comprises Units 20 and 21 of the Woodside Industrial Park in Letchworth Garden City, was sold to Urban REIT Logistics. The sale marks the continuation of the RO Group’s asset plan to reinvest proceeds into larger core/core+ and development opportunities.
Woodside Industrial Estate is a development of 26 units fronting on to Works Road in the centre of the main commercial area. Units 20 and 21 are of clear span steel portal frame construction, and are let respectively to Eurocell, a London Stock Exchange listed manufacturer, distributor, and recycler of building products, and to Toolstation, one of Britain’s fastest growing supplier of tools, accessories and building supplies.
David Kershaw, Group Real Estate Director, the RO commented:
“It is well reported that take-up in the UK industrial sector is on track for a record-breaking year. Like much of the world, the UK is experiencing a sea change as consumers big and small increasingly make online purchases. Last mile logistics companies, couriers, and all types of retailers are competing for apposite space in a market where demand is high. We have closely monitored these market dynamics over the last 18 months and believe that now is the right time to sell.
“We will use the proceeds to continue the growth and development of our portfolio by reinvesting in larger lots and development opportunities to deliver quality industrial space that meets modern size, location and specification requirements. As the UK experiences severe driver, construction, and other labour shortages, we expect that industrial investment will only increase further, and we look forward to providing the sector in general with more quality space.”