Friday, 29 November 2013
RO Developments has completed the sale of its RO24 industrial scheme on South Marston Park, Swindon, Wiltshire, with the final tranche of 16 units being sold to IO Investment LLP for £1,889,000.
IO Investment LLP, an asset manager, has purchased 40,445 sq ft of the scheme. RO24 Swindon totals 53,464 sq ft, and RO had previously sold the other five units to owner occupiers.
The sale of RO24 Swindon forms part of RO’s rolling disposal programme, which is commencing now that the company has maximised the value of its existing assets, and leaves the investor/developer hungry for new opportunities with £20m cash to invest across the South East.
RO Developments director Richard Bourne explains: “The sale at RO24 Swindon is part of our strategy to reinvest in new areas of growth and change the orientation of our portfolio into core income and value add opportunities. We are now looking to invest new funds in lot sizes of £2m - £5m. In addition we are keen to consider joint venture opportunities with other investors and developers
on larger projects.”
RO24 Swindon is situated on South Marston Park to the north east of Swindon town centre and within easy reach of both the M4 (Junction 15) and the M5 (Junction 11a) via the A419 dual carriageway.
RO Developments was unrepresented, while IO Investment LLP was advised by Loveday.