Coventry industrial estate sold for £3.2m

INVESTMENT vehicle Grafton Associates has bought the Central City industrial estate in Coventry for £3.2m.

Property consultancy Shortland Penn + Moore advised it on the deal.

Grafton Associates is a newly launched family investment vehicle specialising in investing in industrial estates, in its acquisition of Central City.

The scheme, which is less than a mile from Coventry city centre, has been acquired from The Pears Group. It consists of 24 light industrial units – totalling around 40,000 sq ft – and is fully let to 17 tenants.

It generates an income of £264,019 per year and the purchase price reflects a net yield of 7.8%.

Shortland Penn + Moore’s David Allen advised Grafton. He said: “Historically, this estate has always been well-let and in the current climate it offers our client an excellent opportunity to add value through rental growth and further active asset management.”

Grafton Associates director Charles Lochrane, a former investment partner of agency Strutt & Parker, said: “This is the first in a series of planned investments aimed at building a diversified portfolio of industrial properties on behalf of the Fox family, building on their existing investment in the Chalcroft Business Park in Southampton.”

Colliers International advised The Pears Group.

John Hanson, of Colliers, said: “This estate has performed very well for The Pears Group during its ownership.

“The proximity of the estate to Coventry city centre results in strong occupier demand.”