Business and industrial park investor Sirius Real Estate has bought a multi-let light industrial park in Carnforth, Lancashire, for £9m – an 11.4% net initial yield.
The park, just north of Lancaster and three miles from the M6 motorway, 172,152 sq ft of light industrial space to the group’s UK portfolio.
The freehold asset is fully let to eight tenants on FRI leases. It produces a net operating income of £1.1m per annum at an average rate of £6.47 per sq ft, with a WAULT of 5.6 years to expiry and 2.9 years to break.
The site comes with planning permission for approximately 35,000 sq ft of new industrial space.
It has been acquired using proceeds of the firm’s capital raise in July.
Chief executive Andrew Coombs said: “We are continuing to make good progress on our acquisition pipeline, following on from 12 months of active investments in both Germany and the UK.
“The Carnforth acquisition presents the company with a number of value-add opportunities to utilise the Sirius platform to grow the income and value of the asset.”
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