UK real estate investment firm Orchard Street Investment Management has purchased a newly constructed distribution warehouse in Belvedere, South East London for 11.3 million pounds ($14.5 million) on behalf of wealth management company St James’s Place UK.
The standalone 68,360 square feet industrial development on the 3.8-acre site was acquired from property investment and development company Buccleuch Property and peer Wrenbridge Land.
The Axion Building benefits from a prime industrial location making it is strategically placed for both regional and urban distribution.
Orchard Street said that the purchase of the Axion Building provided the unique opportunity to acquire a prime warehouse asset in a supply constrained market at an attractive entry price based on the company’s asset management expectations.