The third quarter was another active period for Sandyford as we continued to evolve our portfolio, with a clear focus on building a regionally-diversified base of modern, purpose-built multi-let industrial estates. Alongside acquisitions and disposals, we strengthened our team and welcomed a wide range of new occupiers to our sites.
Portfolio update
The quarter began with the acquisition of seven new-build industrial units at Manor Point, Holmes Chapel. These complement our existing holdings at Congleton and provide some of the best industrial space in the area, with strong prospects for near-term reversion.
At the same time, we completed the sale of land at The Sidings to Liberty Care Developments for a 75-bed care home. This site, once home to a managed office building within the Brymau portfolio we acquired in 2021, had always been identified as non-core. Many of the former tenants have since been re-housed across our other estates and planning was also submitted during the quarter for alternative drive-through use on the remaining land. Together, these milestones mark the near completion of our original business plan for this site.
We also made our first acquisition in the East Midlands, purchasing a multi-let industrial estate in Alfreton, Derbyshire, from Derbyshire County Council. This strategic step broadens our footprint beyond our traditional North West and West Midlands base, and we expect to explore further opportunities in the region in the coming years.
Elsewhere, a smaller disposal at Astmoor Industrial Estate saw a 3,165 sq ft unit sold to the sitting tenant in July, while on the final day of the quarter we completed the sale of Trent Trading Estate in Stoke-on-Trent. As one of our earliest assets, the estate had been part of our portfolio for many years, but its sale reflects our dual strategy of both increasing geographic diversification and rebalancing the portfolio towards more modern, purpose-built accommodation.
Occupier outlook
Despite signs of wider economic uncertainty, occupational activity across the portfolio has been encouraging. Viewings of vacant units have remained high, even if conversion to lettings is taking slightly longer. During the quarter we completed 13 new lettings and 10 lease renewals, underlining the strength of demand for our sites.
As always, the mix of occupiers reflects the breadth and diversity of the UK’s SME economy. New tenants this quarter include businesses ranging from an education provider and a bridal wear specialist to joiners, a kick-boxing gym and an electrical contractor.
Team news
To support our growth, we also strengthened our team during the quarter. Jason Goss joined as Head of Surveying, bringing valuable expertise to our asset management activities, while Lisa Cooper joined our purchase ledger function. As the portfolio continues to expand, we expect to make further hires over the next 12 months.
A busy third quarter
Taken together, the third quarter was a clear demonstration of our ongoing strategy: to recycle capital out of older and non-core assets, to reinvest into modern, well-located estates and to expand our geographical reach. With a strong pipeline of opportunities and a growing team in place, we are well positioned to continue shaping a resilient, diversified and future-ready portfolio.
