Property firm Stenprop has acquired the Phoenix Industrial Estate in West Bromwich from a private investor in a deal worth £2.8m.
Phoenix Industrial Estate is located on Charles Street, which leads off Great Bridge Street, the main A4035 trunk road from West Bromwich to Dudley. This leads directly to the A41 Black Country New Road and provides access to Junction 1 of the M5.
The multi-let industrial estate includes 21 units totalling 46,718 sq ft and is 100 per cent occupied. The move is part of a double deal for multi-let industrial (MLI) property company Stenprop, with for a combined total of £14m. The other half of the deal is the Mandale Business Park, located on the outskirts of Durham. The assets were purchased in separate transactions.
In a statement on Stenprop’s website, head of investment Will Lutton commented: “Both acquisitions offer strong day one income, with the longer-term opportunity to unlock reversionary potential utilising our proprietary industrials.co.uk platform.
“Whilst appetite for well let industrial assets continues, driven by accelerating structural trends, we remain able to source and acquire properties that meet our investment criteria, with a significant pipeline of opportunities as we head towards 2021.”
Since the start of the coronavirus pandemic, Stenprop has made seven MLI acquisitions of over 660,000 sq ft, for a combined value of £53.19m, adding more than £3.5m to its annual rent roll and taking its portfolio past five million square feet of MLI. The company is on track to be 100 per cent MLI by the end of 2022 with a vision to be the leading UK multi-let industrial business.
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