Chancerygate has acquired Spa Trade Park in Tunbridge Wells from Delancey ahead of its guide price.
The vendor was seeking offers in excess of £17.2m, reflecting a net initial yield of 5.6%.
The site extends to 3.8 acres, providing a 45% site cover. It comprises 16 industrial units with sizes ranging from 2,096 sq ft to 7,367 sq ft, totalling 76,661 sq ft.
The units are let to 12 tenants, with two vacant units, generating a total rent of £1m per annum, reflecting low average rent of £13.60 per sq ft.
The tenants include Howdens, Rexel, Halfords, Screwfix, CEF and Toolstation. Howdens recently renewed its lease for a further 10 years.
The estate provides a WAULT of five years to break and six years to expiry.
Savills and CBRE were joint agents acting for Delancey; Newmark acted for Chancerygate.
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