CBGA have acquired Argos Distribution Unit on the Pipps Hill Estate in Basildon on behalf of International Motors Executive Pension Scheme for £37 million.

The unit which comprises 381,000 sq ft on a site of 24.7 acres is a key logistic unit for Argos serving the whole of Southern England, to which the tenants have committed long term.

The current rent is potentially reversionary, the next review being in 2010 and the acquisition reflects a yield slightly in excess of 7%.

Chris Adams commented “our clients have continued to buy the best quality of property throughout this market downturn and look at longer term performance as the key to sound investment strategy”