Stenprop has completed the acquisition of 100 industrial units across the UK for a combined price of £16.7m.
The acquisitions include Hillfoot Industrial Estate in Sheffield, Armthorpe Enterprise Centre in Doncaster and Trident Business Centre in Middlesbrough from Westbrook Partners for £10.2m, reflecting a net initial yield of 6%.
Combined these properties comprise 81 industrial units, totalling 137,695 sq ft, of which 11% is vacant. The total annual passing rent of £642,460 equates to an average rent of £5.27 per sq ft.
Stenprop has also bought 10 units at Parkway Business Centre in Deeside from M7 Real Estate for £2.1m, reflecting a net initial yield of 7%. The 10 units provide 31,572 sq ft and produce an annual passing rent of £129,780, which equates to an average rent of £4.90 per sq ft.
In addition, the company has acquired eight fully-let units at Forth Industrial Estate in Edinburgh from Granton Holdings for £4.2m, reflecting a net initial yield of 6.6%. The units total 39,922 sq ft and produce an annual passing rent of £294,700, which equates to an average rent of £7.40 persq ft.
Julian Carey, Stenprop’s executive property director, said: “These properties are all purpose-built, multi-let industrial, which meet our acquisition criteria in terms of location and returns.
“We have a number of other similar acquisitions under review, which we hope to complete in the coming months.”
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