£4.5m industrial acquisition for Town Centre

LISTED property company Town Centre Securities has made its first acquisition for sometime in the industrial sector. 

The company has acquired the freehold interest in Units 2, 3 and 6 Waterside Business Park in Stourton, Leeds from clients of CBRE Investors.

The multi-let industrial estate was constructed in the late 1990’s and comprises three detached warehouse buildings totalling 77,400 sq ft.

The units were purchased for £4.48m, reflecting a net initial yield of 7.25%.

TCS was represented by Gent Visick.

Edward Ziff, chairman and chief executive of Town Centre Securities, said: “Working with leading sector specialists, Gent Visick, we are delighted to have concluded this acquisition. The property is a logical and complementary diversification for our existing portfolio.”

Garry Howes, investment director at Gent Visick, added: “This is a strategic acquisition for our client and confirms the strength and depth of demand for fundamentally prime stock in the industrial investment market.”

DTZ Leeds office acted on behalf of the vendor, CBRE Investors.