Dealmakers at Newcastle law firm Square One Law played a hand in the £56.5m sale of a London distribution centre which houses Cumbrian transport group Eddie Stobart Logistics Ltd.
The 410,000 sq ft distribution centre, on a 28-acre site at Goresbrook Park in Dagenham, is let in its entirety to Eddie Stobart Logistics Limited.
Part of the team from Square One Law advised Meaalofa Developments Holdings Limited, a joint venture between Sheikh Holdings and Landid, on the sale of its subsidiary to London Metric Property plc – investors in out-of-town retail and distribution properties.
Andrew Jones, chief executive of LondonMetric, said: “This is an exceptional strategic distribution asset in London with excellent asset management and development opportunities.
“Assets like this rarely become available. We are excited at the prospect of working with Eddie Stobart to maximise the site’s potential and share in its future growth, underpinning our strategy of working with tenants to deliver high occupier contentment.”
Trevor Silver of Meaalofa added: “This was a complicated transaction to structure due to the number of parties involved. We are delighted to have refurbished the properties, let them to Stobart and to have sold the resulting Investment to London Metric.
“The Square One Law team of Barney Frith, Mark Lazenby and Marie-Louise Bozonet acted for us throughout and we have been delighted with their performance.”
Eddie Stobart pays in the region of £3m a year to lease the East London property which is positioned for access to London and the South East, as well as the ports of Felixstowe, London Gateway and Tilbury.
The deal brings LondonMetric’s distribution portfolio to a total of £611.8m, comprising 22 distribution centres.
It is the second acquisition for the firm this year and follows the £21.1m buy-up of the Tesco.com Distribution Centre in Croydon from CBRE Global Investors.
The 173,000 sq ft distribution centre occupies a nine acre site off the A23 Purley Way. It is the site of one of Tesco’s “dark stores”, serving the Tesco.com business.
Square One Law partner, Mark Lazenby said: “This deal represents a fantastic outcome for our client having only bought the site 12 months ago. Meaalofa identified an opportunity at Goresbrook Park and their hard work over the last year has paid off for them. We were delighted to work alongside the Meaalofa team to deliver what is a fantastic result.”