Beddington Farm Lane, Croydon

Wallop Estates, through Nightingale Partners, has disposed of Unit 1 Brazil Close in Croydon to Friends Life Ltd (c/o AXA Real Estate Investment Managers). The sales price of £4,175,000 represented a net initial yield of 6.85%.

The c. 40,000 sq ft single storey warehouse with two storey offices are located on Beddington Farm Road which is regarded as Croydon's principal industrial area. The property is let in its entirety to the D & B 5A1 rated covenant of Geopost UK Ltd trading as Parceline with over 8.5 years unexpired, providing a rental income of £302,500 per annum.

The attraction of Unit 1 is the unexpired lease term, the quality of Geopost's covenant and the outstanding location all of which are proving to be fundamental as investors continue to prioritise core assets with good underlying secure income streams.

Wallop Estates was represented by Nightingale Partners.