Industrial park acquired in £8m deal
Kirkstall Industrial Park in Leeds has been acquired in an £8.1m deal.
Stenprop bought the site from CBRE Global Investors at a net initial yield of 6.75%.
It comprises 14 units, totalling 111,081 sq ft of industrial space, with one vacant unit that Stenprop has already put under offer to a new tenant.
Kirkstall Industrial Park is the seventh estate acquired by Stenprop since its purchase of the Industrials.co.uk portfolio for £127m in June 2017.
Julian Carey, executive property director of Stenprop, said: “We are making excellent progress in transitioning Stenprop into a focused UK MLI business.
“Kirkstall is located close to Leeds City Centre and benefits from very strong supply-demand dynamics, as evidenced by our early letting success. Leeds is a place we have been targeting for some time and we are delighted to have finally acquired a high-quality multi-let industrial estate in this important regional city.
“We believe there is a great opportunity to apply a programme of improvements and asset management initiatives to sustain high occupation levels and enhance the quality of the estate, and we will work with the existing occupiers on site as part of this.”
Stenprop was represented in the acquisition of Kirkstall by Ryden and the vendor was represented by Knight Frank.
