Derbyshire developer offloads industrial park in £6m deal
Property firm Stenprop has bought a multi-let industrial park in Stoke, in a deal worth almost £6m.
The company has bought Tunstall Trade Park in Tunstall, which includes eight units totalling 56,500 sq ft, for £5.9m, from Ashbourne-based Clowes Developments. The estate is 100% occupied by a tenant base including trade counters, self-storage and hi-tech manufacturing.
Will Lutton, head of investment at Stenprop, said: “Despite the ongoing macro-economic uncertainty, this latest acquisition demonstrate our ability to source attractive investment opportunities, both on and off market, in locations underpinned by favourable demand supply dynamics.
“Leveraging our local market expertise and strong relationships, the well-let assets enhance the existing portfolio, whilst also offering reversionary potential that will be realised via our proprietary industrials.co.uk platform.”