Pair of Yorkshire industrial estates snapped up by investor

Industrials REIT, a multi-let industrial (MLI) property company, has acquired four multi-let industrial estates – including two sites in Yorkshire – for £20.86m.

Following these transactions, Industrials REIT’s multi-let industrial portfolio now comprises 105 estates across 7.1 million sq ft of space.

Its latest purchases include Twibell Street Trade Park, in Barnsley, and Astra Park, in Leeds.

Twibell Street Trade Park was acquired for £5.85m. This is a purpose-built, modern industrial estate totalling 54,978 sq ft across five units and is 100% occupied, generating annual rent of £327,070.

Astra Park, two kilometres south of Leeds city centre, was acquired for £6.7m. Also 100% occupied, it offers 72,069 sq ft of space across 16 units and generates rent of £341,249.

Industrials REIT says Astra Park is in an area characterised by a shortage of available units, which is expected to underpin future rental growth in addition to offering medium to long-term development opportunities.

Will Lutton, head of investment at the business, said: “These properties, which take our MLI portfolio past seven million sq ft, are fully aligned with our objective of investing in purpose built MLI estates let off low passing rents and located in densely populated areas which are witnessing strong economic activity. 

“The regional MLI market is characterised by record low vacancy and strong tenant demand, demonstrated by the 100% occupancy levels across these assets.”

Industrials REIT was represented by HSM, CPP and Ryden on these transactions.

Glentrool was represented by NorthCap.