Stenprop has acquired two industrial estates in Glasgow and Wolverhampton in separate transactions for a total of £7.1m.
Western Campus at Strathclyde Business Park, Bellshill, Glasgow, was bought from Central Assets for £4.6m, which reflects a net initial yield of 6.8%; and Merryhills Enterprise Park in Wolverhampton was acquired from two private investors for £2.5m, reflecting a net initial yield of 6.7%.
Built in 2016, Western Campus provides 44,234 sq ft across 15 industrial units and is 75% let. The total annual passing rent of £333,454, which includes rental guarantees on two of the three vacant units, equates to a rent of £7.98 per sq ft.
Merryhills Enterprise Park provides 37,617 sq ft, of which 32,337 sq ft is industrial accommodation across 14 units and 5,280 sq ft is offices in one building with six self-contained suites. It is 91% let and the total annual passing rent of £179,150 equates to £4.98 per sq ft on the industrial space and £7.28 per sq ft on the offices.
Stenprop executive property director Julian Carey said: “Both Western Campus and Merryhills Enterprise Park are modern, purpose-built industrial estates located in densely-populated areas with strong demand-supply characteristics. We believe both provide an excellent opportunity to add value and grow income using our Industrials operating platform by delivering an excellent customer experience and leasing the vacant space.”
On the Western Campus purchase, Stenprop was advised by Colliers International; Central Assets was advised by Ryden.
On the Merryhills acquisition, Stenprop was advised by Ereira Mendoza; the vendors were advised by Towler Shaw Roberts.
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