Bradford multi-let industrial estate acquired in off-market deal
A multi-let industrial estate in Bradford has been acquired for £3.37m in an off-market transaction as part of a series of separate transactions by Stenprop, the UK multi-let industrial (MLI) property company.
Enterprise 5 which features 17 units and is currently fully-let with a passing rent of £234,000 per annum, is described as a well-located property in a densely populated area that has a strong letting history.
Stenprop has also acquired Riverside Industrial Estate in Newcastle city centre and Lake Enterprise Centre in Bromborough brining the total value of the acquisitions to £18.4m.
These deals see the property on track to be 100% multi-let industrial by the end of the next financial year, with MLI accounting for 73% of its total assets following the sale of its German retail centre which are expected to complete soon.
Will Lutton, head of investment at Stenprop, commented: “We have started 2021 where we ended last year, defying the macro economic uncertainty and lockdown restrictions to grow the MLI portfolio through identifying and executing upon on and off market acquisitions and adding well let properties in supply constrained locations where there is an opportunity to increase rents.
“Both the near and long-term drivers underpinning investment in the sector remain compelling, with strong rental growth and acquisition below replacement cost values. Our local management teams are looking forward to working with the new customers and to rolling out our industrials.co.uk operating platform across these estates.”
