Leftfield acquires Braintree distribution warehouse for £23m

Leftfield has acquired a prime, hi-tech industrial and distribution warehouse at Horizon 120 in Braintree, Essex. The 137,870 sq ft unit was purchased from Abrdn for £23m. JLL advised Leftfield on the purchase.

The acquired property is a mission-critical warehouse operated by British Offsite, a subsidiary of Weston Group, which manufactures and distributes components for the new homes industry from the site. British Offsite has an unexpired lease term of 24.1 years with a passing rent of £1.21m per annum. The 137,870 sq ft facility is strategically located in the Horizon 120 business park, offering excellent connections to London and East Anglia. It boasts impressive sustainability credentials, including a BREEAM ‘Very Good’ rating and an EPC A.

Nico Fourie, at Leftfield said: “Leftfield continues to acquire accretive opportunities within the UK Industrial Warehouse sector. This high-specification, south-east located, warehouse comes with attractive rental growth opportunities and is an excellent addition to Leftfield Fund III, a theme-specific portfolio.”

Joel Duncan, Capital Markets Director at JLL added: “With its prime location, impressive specifications and significant potential for reversionary growth the property is undoubtedly a valuable addition to our client’s portfolio. Leftfield has positioned themselves to capitalise on future market trends and rental growth in the thriving Braintree area.”

JLL represented Leftfield, Abrdn was advised by Knight Frank.