Friday, 9 January 2015
Orchard Street acquires Trinity Trading Estate, Kent for €37.5 mln (UK)
Orchard Street Investment Management, the specialist commercial property investment manager, has completed the acquisition of Trinity Trading Estate, Sittingbourne, Kent for £29.25 mln (approx. € 37.5 mln) reflecting a net initial yield of 6.83%.
The asset has been acquired on behalf of St James’s Place from Cornerstone Real Estate Advisers. The 38,177 m² multi let trade and industrial estate occupies a site totaling 27.8 acres located close to Sittingbourne town center.
The estate offers extensive trade counter frontage which is reflected in the make-up of its tenant base. It is currently let to 38 tenants by way of 53 leases with a WAULT of 5.3 years. Key tenants include Magnet, Howden Joinery, Wolseley, Travis Perkins and Screwfix.
Sittingbourne, North Kent, is well positioned for industrial and distribution occupiers, offering easy access to the M2 and M20 motorways, the port of Dover and the Channel Tunnel. Tom Chadwick, Investment Transactions Manager at Orchard Street, commented: “This is a popular and well located trading estate which is reflected in its high occupancy and the quality of its tenants. The Estate provides a strong income yield as well as a number of asset management opportunities which we look forward to undertaking.”
Source: FTI Consulting