Slough Estates has sold seven sheds and an office building in Basildon to Catalyst Capital and Close Brothers for £30.8m.
The purchase comprises two investments on Southfields Industrial Estate, seven miles from junction 29 of the M25. Juniper 1 is a former gin factory dating from the 1980s, which has been reconfigured into three warehouses and an office block and Juniper 2 comprises four modern industrial buildings completed in 2003.
The 432,145 sq ft (40,148) generates annual rental income of £2.37m, giving a net initial yield of 7.26%. The relatively high yield reflects the fact that the average unexpired lease period on Juniper 1, the larger of the two properties, is 19 months. King Sturge advised Slough and Franc Warwick advised Catalyst and Close.