David Saville’s Avon Capital Estates has bought three industrial estates from Capital & Regional (C&R) for £11.35m, reflecting a net initial yield of around 8.8%.
The three estates are:
- 12 Quays, Birkenhead: six units totalling 60,000 sq ft (5,574 sq m), fully let to tenants including Liverpool John Moores University and CML Group
- Vanguard Court, Stockton: nine units totalling 71,700 sq ft (6,661 sq m). Five units are let to tenants including internet service provider Thus, with rents of around £3.75 per sq ft (£40.36 per sq m) being quoted for the other four
- Westerleigh Business Park, Yate, near Bristol: 10 units totalling 87,500 sq ft (8,129 sq m). Eight units are occupied by tenants including Consignia and McNaughton Paper
The acquisition of this portfolio follows the £32m-worth of industrial investments that Avon has made since the summer of 2002.
Among those investments were Avon’s £11.5m purchase of a 256,032 sq ft (23,785 sq m) industrial portfolio in the North East from C&R and its £9.8m acquisition of the eight-acre (3ha) Earlplace Business Park near Coventry.
Investment vehicle Avon was created by the former Saville Gordon Estates managing director following his departure from Saville Gordon, which rebranded as Industrious following a management buyout.
Strutt & Parker acted for Avon.
References: EGi News 25/03/03
