LondonMetric Property has bought two last mile logistics assets in Fulham and Tottenham for a combined £20.2m.
The assets total 44,000 sq ft and have been acquired with vacant possession in two separate transactions. LondonMetric said on Monday that it will refurbish both properties at a cost of £1.4m, which once fully let, is expected to deliver a blended yield on cost of 4.5%.
At the 21,000 sq ft warehouse in Fulham, terms have already been agreed with Jacuna Kitchens, a dark kitchens operator, to pre-let around 60% of the space.
The company said the assets complement its other recent London last mile logistics acquisitions in Brent Cross and Streatham, which were made earlier in the year.
Chief executive Andrew Jones said: “It is clear that occupier demand for urban logistics assets in the strongest geographies is delivering superior rental growth. These acquisitions form part of LondonMetric’s strategy to increase its urban logistics investment within London and the South East, where there is a high intrinsic land value from alternative use.”
