Stenprop acquire industrial estate near Birmingham for £6.2m
Source - SMW
Industrial property group Stenprop it had acquired the Gainsborough Trading Estate in Stourbridge, near Birmingham, from a private investor for £6.2m.
The deal reflected a net initial yield of 9.1%, the company said.
Gainsborough Trading Estate in Rufford Road had 37 units, totalling 162,142 square feet, of which just one was vacant.
The total annual passing rent of £604,000, which included income from solar panels installed on some of the units, equated to a low average rent of £3.17 per square foot.
'This acquisition increases our multi-let industrial portfolio to more than £250m and around 4m square feet,' executive director Julian Carey said.
'This estate provides a mix of small industrial units of different ages and specifications in a strong location.'