Green Property has acquired a 4.9 acre industrial site in Crayford, Kent, for £2.43 million sterling (£2.70 million) after refurbishment costs.

The site, which is located two miles from the M25 Dartford River crossing, includes a 50,000 square foot refurbished building which has been pre-let to Esselte UK Limited on a 25-year lease.

The investment element will provide a net initial yield of 11.75 per cent and Green intends to develop the remainder of the site to provide up to 40,00 square feet of industrial and warehouse accommodation.

"This was a situation where we were able to work closely with Esselte to facilitate an attractive purchase for Green while meeting their occupational requirements," managing director Mr Stephen Vernon said.

"The location is good and the deal also provides us with an industrial development site to add to our expanding UK development portfolio."