3 Sep 2012
Eastburn Estates Sells Unit 17 Elms Industrial Estate
3rd September 2012 – Eastburn Estates (the second JV between Westbrook Partners and M7 Real Estate LLP) has sold unit 17 Elms Industrial Estate in Bedford for an undisclosed sum to private buyers.
The 39,222 sq ft unit had been purchased last November by Eastburn Estates as part of the Nova Portfolio and had been let to Booker until 2014. Following Eastburn’s acquisition of the unit, immediate discussions were had with the tenant about a lease extension. Following six months of negotiations, Booker agreed to re-gear the lease to 15 years. This allowed the sale of the unit.
Jack Thoms, a partner of M7 said “Our asset management objective was met and therefore we were able to sell the unit substantially ahead of business plan underwrite. The profit achieved will enable us to carry out a substantial refurbishment of the Elms Estate, which is one of Eastburn’s key holdings.”