PAI member Fenn Wright’s award-winning Commercial team have completed on the sale of 2 Eastways, a prime industrial investment on a well-located industrial estate, just off the A12 in Witham.
The property comprises a detached factory/warehouse with office accommodation to the front, with a GIA of approximately 74,490sq ft (7,385sq m) and on a site totalling in excess of 3 acres. The premises is let to Euroview Architectural Glass Limited, formerly known as Village Glass, who have occupied the site since 2008. The sale was subject to a lease held for a 15-year term from August 2017.
James Wright, Associate Partner at Fenn Wright commented: “There is such strong demand for properties like this and it attracted significant levels of interest from local, regional and national investors. There was competitive demand for such a high quality lot and our client achieved a figure significantly in excess of the £8,000,000 guide price, the purchaser being a large investment fund.”
The industrial and warehouse sector has continued to go from strength to strength in recent years, with a rise in e-commerce and logistics, a side effect of Covid-19, meaning this is still a strongly performing area of the market and popular with investors looking for long-term returns.
East Anglia is well placed to take advantage of this surge in demand, being close to the UK’s largest container port in Felixstowe, which deals with 48% of Britain’s containerised trade. Fenn Wright has eleven offices along the A12 and A14 corridors and represent a wide spectrum of clients, including investors and developers, landlords and tenants, property companies, pension funds, business owners and private individuals.
In 2021, Fenn Wright were awarded overall winners of the Estates Gazette ‘Most Active Agent in the South East (exc. London)’ and James Wright was announced as ‘Dealmaker of the Year’ for the second consecutive year.