Strategically located 11 miles to the west of Manchester City Centre and close to both the M6 and M60 motorways, this property was constructed in 2002 and acquired into the portfolio in 2016.
Providing well specified, modern accommodation with excellent circulation space and parking, our basic strategy has been to work through key lease events to realise further value in the property. In January 2023 we completed the installation of a solar scheme on the roof which will deliver an average annual CO2 saving of 38 tonnes and reduce energy costs for the occupiers.
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£4.72m
purchase price
10%
initial yield
2 units
10 metre
eaves height
250 kWp
solar panel array
This multi let industrial estate provides a range of units across six terraces and was purchased in two separate transactions over 2017 and 2018. Located in a prime site on the east side of Edinburgh the wider estate has consistently delivered high occupancy levels.
Since purchase we have refurbished a number of the units, created additional secure yardage to support our largest occupier, realising rental from an un-used area of ground and worked through key lease events. Rents have moved from £7 per sq ft to over £10 per sq ft attracting and retaining occupiers from furniture and flooring suppliers to online retailers and car maintenance workshops along with Travis Perkins who occupy 16,000 sq ft.
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£5.1m
purchase price
10%
initial yield
100%
Our external redecoration programme is now complete
14 units
£12
per sq ft rental
An established retail park on the edge of Colchester town centre, arranged as two terraces and anchored by Matalan with a variety of other tenants including GO Outdoors, Starbucks and PureGym. The unit sizes vary from 1,500 sq. ft. to 30,000 sq. ft. and benefits from a strong footfall resulting from the variety of onsite offers. The park has excellent road and public transport access with ample parking.
The objective of this investment is to improve the retail park environment with enhancement works to the common areas, introducing EV charging and working with tenants to ensure a complementary tenant mix and optimal tenant unit configuration. The strong footfall should ensure continued successful trading for the retailers, in turn underpinning rental levels in the future.
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£13.1m
purchase price in 2022
7.75%
initial yield
£1.05m
Estimated Rental Value (ERV) per annum
Acquired in 2005 in JV with a Scottish family office, The Cloisters was originally purchased due to its dominant location within a strong market town based on conservative rents. The Centre has a strong occupational track record and consistent footfall providing a secure and predictable income stream, qualities that have proved resilient during the pandemic.
During our ownership a number of asset management initiatives have been pursued including significant improvements to the common areas to enhance the overall retail experience, rebranding and managing the tenant mix to provide a diverse range of offers for customers.
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£1.1m
rent per annum
100%
occupied
16 units
located opposite Waitrose and the primary city centre car park, Ely has a growing population and high visitor numbers.
A prime central Newcastle office investment arranged as two adjacent buildings with predominantly leisure uses on an active ground floor frontage with the potential to undertake a range of asset management initiatives including a major refurbishment of Sixty Grey Street and a new shared garden area to support local biodiversity and amenity space for occupiers.
The objective of this investment was to improve the quality of the space in a prime location to achieve strong occupancy levels and grow rental values. The range of suite sizes and amenity space has attracted local and national occupiers who are looking for flexible working space. Providing the right product for the market has supported strong rental levels.
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£12.5m
2019 purchase price
7.5%
initial yield
£1m
refurbishment expenditure
£1.09m
Estimated Rental Value (ERV) per annum
This property was acquired 100% vacant, on Practical Completion, in conjunction with Wrenbridge Land, from a major Housing Association having been developed by them to fulfil a key section 106 obligation as part of a wider residential masterplan.
Located on London’s South Bank in an area with limited supply we identified the opportunity to add value including fitting out the reception and key areas of the upper floors. The whole office element was let in the midst of the pandemic to Ingeus, a Government-backed training agency, while the space on the lower ground and ground floors was let to a national gym operator.
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£8.6m
purchase price
£13.4m
sale price
5,685
sq ft gym is housed within this grade A building
£42.50
per sq ft headline rent
Acquired in 2022, West Retail Park is a prime retail warehouse extending to 35,146 sq ft on a 2.9 acre site which includes 163 customer parking spaces. Fully let to Wren Kitchens, Dreams and Pagazzi Lighting and Mirrors, West Retail Park forms a part of the larger Birkenshaw Trading Estate, one of the UK’s longest established retail warehouse locations which enjoys very high footfall and levels of trade.
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£6.45m
Purchase Price
7.4%
initial yield
3 units
fully let to strong tenants
Purchased in 2023, Halfords in Slough represents our ongoing interest in the retail warehouse market. Slough is a particularly strong location for retail warehousing given it’s proximity to London, affluent catchment population and good transport links. Halfords is a purpose built unit which forms part of the main trading park in Slough fronting Bath Road.
The wider location to the west of London is losing retail warehouse supply to residential redevelopment. The lack of retail warehouse supply due to the loss Bath Road Shopping Park, and the threat of other schemes in Slough being repurposed in the future will increase retail demand for the subject property, which we felt was an attractive proposition, alongside an underlying residential redevelopment option as an alternative.
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£4.15m
Purchase Price
5.65%
initial yield
£250,000
Estimated Rental Value (ERV) per annum
Trench Lock 3 is a multi-let industrial estate in Telford, Shropshire purchased in 2022 with strong occupational demand offering the opportunity for rental growth. Across the four terraces, units range in size from 375 sq ft to 1,889 sq ft offering local businesses accommodation the potential to expand within the estate.
The estate comprises 35 units in a fenced, gated location with close proximity to the A442 which leads directly to the M54 motorway. Prior to purchase the former owners had recently replaced the roofs to all 4 terraces and the plan is to invest further in the fabric of the buildings to further improve the aesthetics of the estate.
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£3.2m
Purchase Price
6.16%
initial yield
