Wed, 13 Jul 2011 | COMMERCIAL PROPERTY
Lancashire firm Strang Investments has acquired a large industrial estate for £2.2 million.
The site, called Eurolink 31, is based at Normanton Industrial Estate in West Yorkshire and comprises 49,181 sq. ft. of industrial space.
Eurolink 31 was marketed for sale through Leeds-based agent Steadman Brierley on behalf of owner Standard Life Investments. The investment team of property consultants Jones Lang LaSalle acted on behalf of Strang Investments to action the acquisition.
According to Insider Media, some of the tenants currently based at the estate include Aquados, Car Finance, and SCS Components. The longest running lease is due to expire in 2020.
Jones Lang LaSalle's Andrew Summersgill, who led the acquisition, told Insider Media, “This is a good example of the level of return that is attracting smaller investors back to commercial property where the underlying characteristics are robust.
“This is a good quality estate in a prominent location with diversified exposure to several tenants,” he added.
The estate pulls in a combined rental income of £225,000 a year – equivalent to an average of £4.59 per sq. ft. According to Jones Lang LaSalle, this represents a 9.7 per cent yield.
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