Industrial development aquired
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Huddersfield industrial site The Ringway Industrial Estate has been acquired by TPH Real Estate Partners from clients of CBRE Global Investors.
The deal which was backed by 4th Industrial see the investors continue to purchase what it considers “well located, high quality multi-let” industrial schemes in “key target UK sub markets”.
The development which is located north of Huddersfield town centre features 136,529 sq ft of space across 28 units with 22 tenants, with the seller completing a refurbishment programme across the site prior to sale.
Although the value of the deal hasn’t been disclosed the site was originally marketed at offers in excess of £13.25m, and offered a total passing rent of £893,356.50 pa or an average of £6.54 per sq ft. It was noted in the marketing materials that there was “significant growth potential” with recently refurbished units achieving £8.36 per sq ft.
Derek Heathwood, managing director of 4th Industrial, said: “The Ringway acquisition continues our theme of purchasing well-located, high-quality multi-let industrial property in key target UK submarkets. There are a number of near-term lease events and circa 18,000 sq ft of vacant space across three refurbished units, which provide immediate opportunities to enhance value.”
4th Industrial was advised by Cushman & Wakefield, with CBRE GI advised by Knight Frank.
Richard Brooke, partner at Cushman & Wakefield, added: “We are forecasting strong rental performance in key industrial markets which in turn is driving investor appetite and yield compression for well-located multi let industrial estates. The Ringway is well-placed to benefit from these favourable dynamics as 4th industrial work through their business plan and I am confident this asset will perform well for them.”