Orchard Street Investment Management has completed the £28m acquisition of two industrial assets in Dunstable, Bedfordshire, from Pears Property on behalf of St James’s Place Property Unit Trust.
The purchase comprises Nimbus Park, a 139,103 sq ft eight-unit industrial estate, and 10/10a Foster Avenue, an 18,639 sq ft semi-detached asset, both on Dunstable’s Woodside Estate. Together, they extend to 10.4 acres.
Both properties are fully-let with a WAULT of 4.5 years to breaks and 7.5 years to expiries.
Orchard Street said the properties offer opportunities for rental growth given their passing rent of £7.01 per sq ft overall.
Harry Buxton, acquisitions manager at Orchard Street, said: “These latest additions to our industrial portfolio benefit from a strong South East industrial location with excellent connectivity and new infrastructure improvements to the M1 motorway nearby.
“With industrial supply in the Dunstable area at an historic low and the assets’ low passing rent, we are well-positioned to capture the significant reversionary potential via numerous asset management opportunities.”
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