LondonMetric Property PLC has acquired the 410,000 sq ft Eddie Stobart distribution facility in Dagenham from Meaalofa Developments Holdings Limited for £56.5 million.
The 28 acre site is currently let to Eddie Stobart for seventeen years, with a rent of £3 million a year which began in August of last year.
One of the benefits of the facility is its good transport links to London and the South East. It is also situated near the major ports of Felixstowe, Tilbury and London Gateway.
In light of the acquisition, both LondonMetric and Eddie Stobart are seeking the redevelopment of the site, potentially replacing two of the five units with a 115,000 sq ft extension, which will allow for a significant expansion of the business.
Chief Executive of LondonMetric, Andrew Jones, said “This is an exceptional strategic distribution asset in London with excellent asset management and development opportunities.
“Assets like this rarely become available, further demonstrating our ability to source attractive off-market opportunities within our core sector”.
Mr Jones also added that they are looking forward to working with Eddie Stobart and being able to share in the future growth of the facility.
In total, LondonMetric’s distribution portfolio is worth £611.8 million and consists of 22 distribution centres, with 100% occupancy.
The distribution portfolio takes up 46% of the company’s total portfolio.
Story: Chris Grigorovsky
