Mountcity Group has acquired the freehold of two business schemes on Thorncliffe Park, Sheffield, from a private client for £2.65m, reflecting a net initial yield of 9.1%.
The UK investor is extending its existing 37,160 sq m (400,000 sq ft) holding on the park by 2,790 sq m (30,000 sq ft), with the purchase of 11 units, grouped under the names Newton and Rotunda.
The Newton and Rotunda acquisitions add around £270,000 pa to Mountcity’s existing rent roll at Thorncliffe Park of £870,000 pa. Tenants pay around £107 per sq m (£10 per sq ft) and include Norwich Union, Commercial Union, Knowledge Computers and London Homes.
Estate Manager for Mountcity Ken Atkinson said: “We’re being very acquisitive and looking to expand the group. We’re able to move very quickly, acquiring sought-after properties such as the Hellaby distribution site in Rotherham within 20 days, as we have cash resources.”
Mountcitys £100m property portfolio also includes Provincial Park at Ecclesfield in Sheffield, the Metroplex in Manchester, part of Causley Industrial Park in the West Midlands and a selection of London residential properties.
Leeds-based AWS advised the private London client on the sale. Insignia Richard Ellis advised Mountcity.
EGi News 12/06/01
