Rebalancing of portfolio continues with sale of property in Market Harborough and acquisition in Langley
Family owned trading company, The RO, is pleased to announce the purchase of Waterside Court, Langley for £6.25 million and the sale of its warehouse assets in Market Harborough, Leicestershire for £3.25 million. The sale provides further opportunity for the RO to redeploy its capital into new investment opportunities in 2019. One such deployment is the acquisition of Waterside Court, which comprises over 20,000 sq. ft. of high quality office accommodation, located in the prominent Langley Business Park, just a three minute walk from Langley station. The asset has many qualities in common with other recent purchases including the ability to offer durable income in a strong location with excellent fundamentals and good prospects for rental growth.
Langley, already a popular commuter town, with excellent links to Central London is due to benefit significantly from the opening of the Crossrail Elizabeth Line. Once Crossrail begins running commuters will be able to reach Central London in 29 minutes and Heathrow Airport in just 12 minutes from Langley. As well as its high quality public transport links, it also has ample private parking with 107 spaces. The sale of the RO’s 100,000 sq. ft. warehouse complex located to the east of Market Harborough town centre and immediately adjacent to the town’s train station, shows the value of developing long term relationships. In this case with long term tenant Nature Store Food Group, who have acquired the site for £3.25 million.
Commenting on the recent transactions David Kershaw, Group Real Estate Director, said: The RO has a long and successful heritage of investing in local economies across the UK through a variety of trading and investment businesses, and we believe this is an ideal time to take advantage of the opportunity to rebalance our portfolio and trade assets. We have identified a number of key locations that we believe will benefit over the coming years from macroeconomic development, infrastructure improvements, as well as private, local and central government investment initiatives. We are now combining the strength of our balance sheet with trusted relationships to find well located assets with great transport logistics, asset management and multi-purpose development potential. Often opportunities arise that are ‘off-market’, and can sometimes be below the radar of the larger institutional investors, these however are opportunities that we are keen to take advantage of.
In Market Harborough, The RO was advised by DAC Beachcroft LLP while the purchaser was advised by Excello Law. In the Waterside Court transaction Equinox Property III S.a.r.l. was advised by ADS Real Estate Advisors and DWF LLP; while the RO was advised by Avison Young and Osbourne Clarke LLP.