Pennine IM has sold a 121,300 sq ft industrial investment in Barnsley for \u00a35.4m to a French property fund.<\/p>\n
The newly rebranded investment business, which remains part of the wider Glenbrook group, has completed the sale of the freehold property on Chambers Road, Hoyland, to a French SCPI investment vehicle.<\/p>\n
The investment comprises two detached warehouse buildings on Platts Common Industrial Estate, let in their entirety to long-established UK manufacturer Metalliform Holdings.<\/p>\n
The deal reflects an initial yield of about 8.6%, following a programme of asset management and capital works by Pennine IM during its ownership.<\/p>\n
The works helped increase the property’s aggregate passing rent to more than \u00a3496,000 a year, with the leases running until 2043 and offering more than 18 years of unexpired income at the time of marketing.<\/p>\n
The leases also include rent reviews linked to the higher of open market rental value and indexation.<\/p>\n
Scott Griffiths, director and head of Pennine IM, said: \u201cSignificant lease structuring works as part of the acquisition created a high quality, long dated income stream with guaranteed growth. Additional capital works during the hold increased the rent and repositioned the real estate ready for sale.\u201d<\/p>\n
He added: \u201cThe transaction underlines Pennine IM’s ability to identify and execute value-enhancing asset management strategies before successfully bringing investments to the market.\u201d<\/p>\n
The property sits about 1.3 miles from Junction 36 of the M1, close to major industrial developments including Gateway 36, Ashroyd Business Park and Shortwood Business Park.<\/p>\n
Metalliform Holdings specialises in furniture for the education and office sectors and employs more than 100 people on site.<\/p>\n
Its sister business, Arena Stadia Seating, which supplies some of the UK’s largest sports stadia, also operates from the property.<\/p>\n","protected":false},"excerpt":{"rendered":"
The 121,300 sq ft industrial investment is let to manufacturer Metalliform Holdings, with leases running until 2043<\/p>\n","protected":false},"author":271992,"featured_media":2161496,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53262,9],"coauthors":[137100],"class_list":["post-2161494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-property","tag-featured-story","tag-yorkshire"],"yoast_head":"\n