Saltley Business Park bought for £23m
Saltley Business Park in Birmingham has been bought for just over £23m. Hansteen Property Unit Trust bought the park, which has 22 retail units comprising more than one million sq ft of industrial space.
The park was bought from LPA Receivers acting for Lloyds Banking Group and the deal represents a net initial yield of 9.62 per cent.
It currently produces £2.35m each year and has eight vacant units, equating to 30 per cent vacancy (by area). The average unexpired lease term is 3.1 years to expiry.
The deal is Hansteen's second major acquisition in recent weeks, following the £27.7m acquisition for HPUT, on The Treforest Industrial Estate near Cardiff, from SEGRO.
Ian Watson, joint chief executive of Hansteen, said: “With these two recent acquisitions we have invested over £80m for the Fund in 2010; these are properties where we can use our expertise in intensive management to add real value”.
