Stenprop acquires 73,000 sq ft Glasgow industrial estate
Stenprop has acquired a 73,248 sq ft industrial estate comprising nine warehouse units near Glasgow city centre.
It has bought St Andrews Industrial Estate for £5.5m. The price reflects a value of £75 per sq ft and a net initial yield of 7.3%
Seven units are currently let to tenants including storage, trade counter and manufacturing firms, delivering annual passing rents of £428,936, equating to £5.85 per sq ft.
Stenprop has acquired a 73,248 sq ft industrial estate comprising nine warehouse units near Glasgow city centre.
It has bought St Andrews Industrial Estate for £5.5m. The price reflects a value of £75 per sq ft and a net initial yield of 7.3%
Seven units are currently let to tenants including storage, trade counter and manufacturing firms, delivering annual passing rents of £428,936, equating to £5.85 per sq ft.
The acquisition is part of Stenprop’s strategy to become a 100% MLI business by 2022.
It is the third deal since the start of the pandemic and has seen MLI assets rise to make up 60% of the portfolio. This is expected to rise to 62% following completion of the Neucӧlln Carrée retail park in Berlin, which is expected to complete early next year.
Will Lutton, head of investment at Stenprop, said: “Current indications are that the strong occupational demand for urban warehouse space that we are seeing, led by e-commerce penetration, is set to continue.
“This acquisition maintains our transactions momentum since the coronavirus pandemic and is another step forward in pivoting our entire portfolio towards the MLI sector.”
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