Double acquisition for industrial property business

Stenprop, a multi-let industrial (MLI) property company, has acquired Whitacre Industrial Park in Huddersfield and a portfolio of five MLI estates located across the UK – two of which are in Hull.

The acquisitions are worth a total of £15.9m.

The 24,730 sq ft, 1.7 acre Whitacre Industrial Park has been bought for £2.3m. It adjoins Stenprop’s existing estate in Huddersfield – Ellis Hill Industrial Estate – which was acquired in December 2018.

Whitacre currently generates a total annual passing rent of £170,166 across 14 fully let units.

Stenprop has also acquired the Duke Portfolio, which totals 225,139 sq ft, with an average unit size of 3,300 sq ft. This is currently 82% let to 54 tenants, who a mix of local and national businesses.

The portfolio generates a total annual passing rent of £1,050,000.

Purchased from M&G Real Estate for £13.6m, the individual assets are: Two estates both called Acorn Industrial Estate in Hull; Corringham Road Industrial Estate in Gainsborough; Motherwell Food Park in Bellshill; and Caldwellside Industrial Estate in Lanark.

Following these acquisitions, Stenprop’s MLI portfolio now totals more than 6.3 million sq ft spread across 90 estates. 

Will Lutton, head of investment at the business, said: “We are confident that adding these MLI assets, in undersupplied regional locations, will enable us to significantly grow the rents over time through the application of our smart lease solution and management platform.”

Stenprop was represented by CBRE on the acquisition of the Duke Portfolio and Ereira Mendoza on Whitacre Industrial Park.

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