Rockspring Property Investment Managers has bought Transigo Industrial Park in Thatcham, Berkshire, from ING.
The industrial park, completed in 2008, has been bought for £8.6m – a 6.8% net initial yield.
The property comprises 155,200 sq ft of gross lettable area across nine warehouses of between 7,000 sq ft and 38,600 sq ft. The space is let to six tenants, with an average unexpired lease term of 5.7 years.
Rockspring will now implement an asset management programme to lease the vacant space and re-gear existing leases in order to maximise income and generate value.
There are currently two vacant units of 40,000 sq ft each; Rockspring will split these to provide four units of 20,000 sq ft each, in response to current occupier demand in this market.
The asset generates income of £611,949 pa and, once the remaining two warehouses are let, will provide a reversionary yield of 11.5% pa.
Associate partner Mike Pryer said: “It is a very high-quality and well-located property, providing attractive space in a supply-constrained location that also offers the potential for value growth.”
nick.whitten@estatesgazette.com
