Ashtenne, the industrial specialist with large holdings in Wales and Scotland, has increased its presence in England with the purchase of a £7.96m portfolio from Frogmore Estates.
The portfolio totals some 27,028 sqm (290,937 sq ft) of industrial space. It includes five single buildings, a parade of industrial units and a small industrial estate. The properties are located in Newbury, Eastleigh, Rugby, Wellingborough, Cannock, Stockport and Bradford.
The portfolio produces £912,000 pa representing an initial yield of some 11%.
In addition, Ashtenne has paid Picton Estates Ltd £1.56m for the Newton Industrial Estate in Chadwell Heath, Essex. The 4,923.7 sqm (53,000 sq ft) of property on a 3 acre site produces £202,000 pa from tenants including Anglian Windows and Woodcraft. The initial yield is 12.51%.
According to joint chief executive Ian Watson the purchases show that: “Although the industrial property market continues to improve, it is still possible to buy multi-let industrial property, let at sensible levels with high initial yields and opportunities to add capital value.”
EGi News 30/09/97
