On behalf of LondonMetric Property Plc, Adroit Real Estate Advisors is delighted to confirm the acquisition of an urban logistics warehouse in Luton from Marcol Industrial Investments for £15.5 million.

The 168,000 sq ft property is located on Luton Enterprise Park, close to Luton town centre and J11A of the M1. It is let to two occupiers with a WAULT of three years.  The rent of £0.7 million p.a. equates to a very low £4.20 psf, reflecting a NIY of 4.3% which will rise to 5.9% based on ERV.

“The property offers significant potential for redevelopment, reinforced by a strong location being in close proximity to junction 11a of the M1 and the new 2.75 mile long M1/A6 Link Road, construction works for which will begin in early 2022” commented Lloyd Spencer.