Property overview

Gormley House, Waxlow Road, Park Royal, London, NW10 7NU

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Oct 2014

The property comprises multi-let office and industrial investment producing a total rental income of £489,724 per annum. 

Aviva plan to secure vacant possession of the 2.3 acre site and seek planning for the redevelopment of prime warehouse units.

The property was purchased off market for a price of £6,250,000 which represents a net initial yield of 7.40%, assuming full costs of purchase of 5.8%. 

Atlas Real Estate acted on behalf of Aviva and Andrew Franck-Steier commenting on the deal said “This acquisition comprises a fantastic opportunity to acquire prime development land in the heart of Park Royal.”