Last updated on September 3rd, 2024 at 01:06 pm
Sandyford Properties, the UK multi-let industrial property company, has acquired two industrial assets in sale-and-leaseback deals for £4.7 million, reflecting a combined net initial yield of 7.2%.
The acquisitions of the two properties, which total 66,000 sq ft, expand Sandyford’s multi-let industrial portfolio in Stoke-on-Trent and Cheshire.
The first property, comprising units 6-7 at Festival Trade Park, was acquired from TCS John Huxley, a manufacturer and supplier of live gambling products and solutions, and has been let back to the company for 10 years. The acquisition increases Sandyford’s ownership at Festival Trade Park, which is two miles north of Stoke-on-Trent. Occupiers at the estate include Rexel Senate, Bet365 and Xtrutech.
The second property, at 51-53 Brindley Road, Astmoor Industrial Estate in Runcorn, was acquired from Coral Products and is occupied by Coral subsidiary, Alma Products, a thermoforming and container printing company. It has been leased back on a 15-year lease. The acquisition expands Sandyford’s portfolio at Astmoor, following its acquisition of 12 units at the estate, totalling 67,149 sq ft, in December 2023.
Paul Brindley, managing director of Sandyford Properties, commented: “These transactions reflect our strategy to acquire robust, purpose-built industrial assets to grow our multi-let industrial portfolio.
“Both Festival Trade Park and Astmoor Industrial Estate are sites where we already have an established presence, and these acquisitions improve our holdings in these key markets”.
Sandyford was advised by The Acquisition Group and PK3 Agency, with legal advice from Hill Dickinson and Davitt Jones Bould.
