Clearbell Capital has gone under offer to purchase the Stephenson portfolio of industrial assets from Dave Newett’s Stirling Investments for around the £84m asking price.
The 15-strong portfolio is made up predominantly of assets in Yorkshire, with some in the South of England, North West and North East.
This includes the site of the former Yorkshire Post HQ in Leeds, which Newett bought in 2014, as revealed by Estates Gazette.
The price reflects a yield of roughly 9%, and the proceeds are understood to be earmarked for Stirling’s development pipeline.
It is the last major sale of a cluster of industrial portfolios that came to market towards the close of 2014, including the Ocean, Partridge and Orbital portfolios – the buyers of which were all revealed by Estates Gazette.
London and Scottish Investments in conjunction with Tosca Fund are also understood to have bid for the portfolio through local agent Inglis Howie.
Stephenson includes Hutton Business Park in Rotherham, PM House in Sheffield and the North West Industrial Estate in Peterlee (pictured). The assets have an average remaining lease term of 17 years.
In total the portfolio covers 218 acres with a rent roll of £8.5m. It was viewed by the market as presenting a substantial asset management challenge.
Clearbell declined to comment.
Deloitte Real Estate acted for Clearbell, JLL acted for Stirling.
