Palmer jv snaps up SE London industrial property

Palmer Capital and Wrenbridge Land have made their fourth industrial investment in Belvedere, south-east London, acquiring the £8.7m Jablite HQ. The purchase brings their total investment in the area to £45m over the past 18 months. The duo, funded by Palmer Capital Income Fund, acquired the property from a jv between Brydell Partners and Brocton Capital Fund III for a net initial yield of 5.25%. The property comprises 85,000 sq ft of production, warehousing and office space with a passing rent of £5.75 per sq ft. Along with three earlier deals in the area, the property is part of Palmer Capital and Wrenbridge’s drive to increase their exposure to the greater London industrial market as demand increases and land supply falls. Rupert Sheldon, a Palmer Capital director and fund manager of PCIF, said: “We have been keen to gain a greater exposure to the white-hot greater London industrial market and are delighted to have secured a further asset in Belvedere – a market in which we have been working successfully with Wrenbridge over the past 18 months. “The ever-growing shortage of employment land coupled with strong ‘last mile’ occupier requirements are likely to lead to further rental growth.” JLL represented Brydell Partners and Brocton; Stonehill Partners and GVA advised PCIF and Wrenbridge. To send feedback, e-mail karl.tomusk@egi.co.uk or tweet @ktomusk or @estatesgazette