18 October 2021
Witham industrial site sold for £3.4 million
LSPIM has sold a six-acre industrial site at Freebournes Road, Witham for £3.4 million on behalf of Regional REIT Limited.
The site, which is tenanted by Liberty Aluminium Technologies, comprises several industrial units with a total floor area of 164,304 sq ft. Units 16-18 are made up of two interconnected buildings totalling 113,881 sq ft of floor space. Unit 3 is a stand-alone building providing 50,423 sq ft of warehouse space.
The sale of the asset is part of regional REIT’s previously announced strategy to focus its portfolio on regional office property.
Steven Griffiths, Head of Asset Management at LSPIM, said: “We are delighted to have completed on the sale of this property. The sale represents another stage in Regional REIT’s strategy to exit our lower yielding properties in the industrial sector in preference for higher-yielding regional office investments. We have a strong pipeline of new acquisition opportunities and will reinvest the proceeds of this sale into assets offering higher returns.”