Strutt & Parker has sold Scimitar Park in Basildon on behalf of CBRE Global Investors to Royal London Asset Management for £10.72m, reflecting a net initial yield of 6.25%.

The prime industrial estate totals 129,991 sq ft and is multi-let to four tenants at a passing rent of £708,890 per annum (£5.47 per sq ft) providing an average weighted unexpired term of 6.49 years to expiries and 4.31 years to breaks.

James Orr senior fund manager at RLAM commented: “Royal London is delighted to acquire a prime south east multi-let industrial estate with significant rental growth prospects in a very competitive market place. We expect the south east industrial market to outperform the overall property market this year and are pleased to increase our exposure in this area.”

James Fairweather, head of industrial and logistics at Strutt & Parker, who acted for CBRE Global Investors said: “The price achieved demonstrates the strong investor demand for prime south east industrial estates, especially investments in core locations.”

Strutt & Parker advised CBRE Global Investors; Royal London Asset Management was represented by Knight Frank.