In line with its stated strategy of focusing on UK multilet industrial property, BSX- and JSE-listed Stenprop has completed the acquisition of a modern, fully let industrial estate in Huddersfield, in the UK, for £5.8-million.
The purchase, from a private investor, reflects a net initial yield of 7.4%.
The Ellis Hill Industrial Estate comprises six units, totalling 76 140 ft2 of space, with good yards.
The average passing rent is £5.57/ft2, and the company believes there is the potential to develop higher-value uses on some of the surplus land fronting the A62 road, which previously had planning consent for an additional 15 000 ft2.
The estate is the fifth acquired by Stenprop since its purchase of the Industrials.co.uk portfolio for £127-million in June 2017.
Stenprop is seeking a further £100-million of multilet industrial opportunities in the UK over the course of this year.