LONDON-The Equiton Industrial Partnership–the limited partnership set up between Brixton, Equitable Life and Prudential Assurance’s subsidiary Edger Investments–has bought the 9,000-sf Mount Works Industrial Estate in Mount Road, Hanworth, West London from Shell Pensions Trust for £7.08 million ($10 million). This is the 22nd industrial estate acquired by Equiton.

The property which is located between Heathrow airport and the M3 motorway comprises 13 units, mainly built in 1972 and extended in 2000. Current rental income is £532,000 ($755,000) per annum with an estimated rental value of £672,000 ($955,000) per annum. The purchase price reflects a net initial yield of 7.1% rising on reversion to 9%.

. In the medium term, the 4.5 acre site has potential for redevelopment, according to the partnership. Equiton was formed in October 1999. Its objective is to double the asset base from its current level of £110 million ($155 million) over the next twelve to eighteen months and further acquisitions are already in the pipeline.

King Sturge acted for Equiton and CB Investors advised the vendor.

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