Investment fund swoops for £7.24m industrial park
Wollaston Industrial Park near Wellingborough has been acquired for £7.24m by a £100m property investment fund.
The acquisition is the second fruit of a new partnership between Chancerygate and property-focused investment company JR Capital following the purchase of Brunswick Park, near Newcastle-upon-Tyne, for £3.3m.
The fully occupied 14-unit industrial and warehouse development, located around four miles south of Wellingborough, comprises two adjoining estates totalling 127,550 sq ft.
Eskmuir Securities, the vendor for the development, has invested £1.3m in the site since it was purchased from Standard Life in 2015.
Rory Finnan, head of asset management at Chancerygate, said: “The acquisition of Wollaston Industrial Park so soon after our first transaction signals an extremely strong start for the fund and demonstrates our ability to act decisively and at pace.
“The development is fully let highlighting the lack of supply in the area and demand for this type of product. Established industrial areas in Northamptonshire have achieved significant rental growth in the last few years and Wollaston Industrial Park provides another option in the local market.”
Michael Ferris, head of investment at JR Capital, added: “This is the only industrial estate in Wollaston and rents are at a significant discount to nearby towns, therefore providing strong potential for growth over the medium term.
“Demand for industrial, warehousing and distribution assets across the UK is at a record high and Northamptonshire is no different. Wollaston Industrial Park is the fund’s second acquisition and we expect to deploy a further £50m over the next three to six months.”
Anchor tenants at Wollaston Industrial Park include the Salvation Army Trading Company and Airwave International, the holding company for the global footwear brand Dr Martens.
