Industrial property investors go Christmas shopping in Wigan and Warrington

Otterwood Square, Wigan

Industrial property investors Warehouse REIT and Stenprop have made last-minute Christmas purchases, buying sites in Warrington and Wigan.

Warehouse REIT, which specialises in last-mile industrial warehouse assets, has bought a portfolio of four sites in the North West and West Midlands for £18.6m.

The 200,000 sq ft portfolio is fully occupied and generating an annual rent of £1.22m.

It includes 1 Kingsland Grange, a 71,000 sq ft property in Warrington which is currently let to plastic compounds supplier Perrite, and a 42,000 sq ft warehouse in Bank Quay Gateway Quarter close to Warrington town centre that is let to Selco Trade Centres and UK Storage Company.

Industrial property investor Stenprop has bought Otterwood Square in Wigan for £1.67m.

The site sits within Martland Mill Industrial Estate, close to the M6 motorway and a couple of miles north-west of the town centre.

The 18,867 sq ft property has 12 units, generating a current passing rent of £117,000.

Stenprop has also bought two other multi-let estates in Edinburgh and Cardiff as part of its strategy to be a fully focused multi-let industrial (MLI) REIT by the end of the next financial year.

Along with two other investments this autumn, it has now spent £25.8m on multi-let industrial acquisitions since the end of September, and £66m since April.

Will Lutton, head of investment at Stenprop, said: “Reflecting the compelling fundamentals underpinning the sector, alongside the strength of our proprietary industrials leasing platform, we remain on track to be 75% MLI by the end of the current financial year.”