Stenprop has acquired two industrial estates in Glasgow and Wolverhampton in separate transactions for €8.2m (£7.1m). Western Campus at Strathclyde Business Park, Bellshill, Glasgow, has been acquired from Central Assets LLP for €5.3m (£4.6m), which reflects a net initial yield of 6.8%, and Merryhills Enterprise Park in Wolverhampton has been acquired from two private investors for €2.9m (£2.5m), reflecting a net initial yield of 6.7%.
Western Campus, which was built in 2016, totals 44,234ft² across 15 industrial units and is currently 75% let. The total annual passing rent of €385,735 (£333,454), which includes rental guarantees on the two of the three vacant units, equates to rent of €9.23m (£7.98)/ft². Merryhills Enterprise Park totals 37,617ft², comprising 32,337ft² of industrial accommodation in 14 units and 5,280ft² of office accommodation in one building with six self-contained suites. The estate is currently 91% let and the total annual passing rent of €207,238 (£179,150) equates to rent of £4.98/ft² on the industrial space and €8.42 (£7.28)/ft² on the office space.
Julian Carey, Stenprop’s Executive Property Director, 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”.