News

2018

SSC has, on behalf of an overseas client, disposed of a number of fully let industrial esates during the first half of 2018 :

  • Raleigh Industrial Estate, Birmingham, comprising 15,050 sq ft was sold at auction to a private investor for £1.26M. The sale price reflected an initial yield of 6.5% and a capital value per sq ft of £84.
  • Bishops Road Industrial Estate, Lincoln has been sold to a private investor for £1.086M. The leasehold estate comprised 9 units with a total floor area of 19,582 sq ft.
  • Greenwood Industrial Estate, Shrewsbury has been sold to Stenprop for £2.94M which reflects an initial yield of 6.67% and a capital value per sq ft of £66 . The estate, which was developed in the 1970's, comprised 30 units providing a floor area of 44,611 sq ft.  
  • Stroud Enterprise Centre, Stroud has been sold to Tesco Pension Fund for £2.5M which reflects an initial yield of 6.13% and a capital value per sq ft of £106 . Stroud Enterprise Centre comprises 14 trade and industrial units in two terraces providing a floor area of 23,483 sq ft.
  •  A unit on Wern Industrial Estate, Newport has been sold to a local owner occupier for £505,000.

The aggregate sale price of these disposals is £8.34M which shows a significant uplift over the aggregate acquisition cost. SSC had significantly increased the rental income following a programme of selective refurbishment and via a number of lease renewals and the letting up of all the vacant accommodation.

 

2017

SSC has, on behalf of an overseas client, acquired Southmoor Industrial Estate, Manchester for £12,150,000. The freehold estate comprises 333,067 sq ft of industrial and office accommodation and has 18 tenants producing an income of £1,171,060 per annum. There is currently 40,050 sq ft of vacant accommodation where a full refurbishment will start shortly. Tenants include Floats Glass Industries, LB Europe and AIM Engineering. The purchase reflects an initial yield of 9.0%. The estate provides a high income return with good opportunities for SSC to increase this substantially through active management, refurbishment and lettings.

SSC has, on behalf of an overseas client, disposed of three industrial estates. The properties were at Greengates Industrial Estate, Oldham; Newton Aycliffe Industrial Estate, County Durham and Bridgman Trading Estate, Walsall. The aggregate sales price was £2,950,000 which showed a significant uplift over the aggregate acquisition cost.  SSC had significantly increased the rental income via a number of lease renewals and the letting of vacant accommodation.

SSC has acquired, on behalf of an overseas client, J38 Industrial Estate, Barnsley for £3.662M. The freehold estate comprises 207,228 sq ft and has 12 tenants producing an income of £432,450 per annum. There is currently 22,219 sq ft of vacant accommodation where a full refurbishment will start shortly. Tenants include Premdor Crosby and Thyssenkrupp. The purchase reflects an initial yield of 11.05%. The estate provides a high income return with opportunities for SSC to increase this further through active management, refurbishment and lettings.

SSC has, on behalf of an overseas client, disposed of a number of industrial units and development sites. The properties were in Newton Aycliffe, County Durham; Venus Court, Kings Lynn; Ryton Road, Sheffield and Wilson Trading Estate, Loughborough. The aggregate proceeds from the sale were £2,515,000 which showed a significant uplift over the acquisition cost.  As part of their active management strategy SSC had significantly increased the rental income and secured a number of lettings for vacant accommodation and a residential planning consent on one of the sites.

2015

SSC has acquired, on behalf of an overseas client, Roseland Business Park, Long Bennington, Newark for £12.75M The freehold estate comprises 360,881 sq ft and has 20 tenants producing an income of £1.262M pa. Tenants include Balfour Beatty, Babcock Aerospace and Bennington Foods. The purchase reflects an initial yield of 9.35 %. The estate provides a high income return with excellent opportunities for SSC to increase this further through active management, refurbishment and lettings. In addition there are 25 acres of development land and SSC are already negotiating with potential occupiers who are looking to move to the estate or increase their existing occupational requirement with new build units. South Street Capital has acquired, on behalf of an overseas client, Park View Industrial Estate, Hartlepool for £3.81M. The estate, which was sold by UK Land and Estates,comprises 165,284 sq ft in 27 units with a void rate of approximately 12%. The current rental income is £427,000 per annum which reflects an initial yield of 10.5%. The estate provides a high income return with opportunities to increase this further through active management, refurbishment and lettings.

2014

SSC has acquired, on behalf of an overseas client, the Lunar Portfolio for £51.575M. The portfolio, which was sold by Rockspring Investment Management, and comprises 24 industrial estates in England and Wales providing approximately 2 Million square feet of industrial accommodation. The portfolio has almost 300 tenants and a gross income at purchase of £4.5M per annum. The void rate in the portfolio is 30% providing excellent opportunities for SSC to increase the gross annual rent and portfolio value through a focused asset management strategy.

SSC has acquired, on behalf of an overseas client, a retail warehouse outside Doncaster for £20M. The 109,000 sq ft unit is let in its entirety to B&Q.

2013

South Street Capital ("SSC") has acquired, on behalf of an overseas client, the Planetary Industrial Estate, Wolverhampton for £13.25M. The estate comprises 52 industrial units with a total floor area of 519,000 sq ft. The estate provides a high income return with opportunities to increase this further through active management, lettings and refurbishment.

 

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