Martin’s Properties has acquired a development site, an industrial estate and a retail unit for just over £12m.
The 3.3 acre development site on Abingdon Road in Didcot, which was purchased from National Grid Property Holdings, offers significant potential for a variety of uses and Martin’s said it had received several offers for pre-lets from a range of occupiers.
The 3.4 acre Curtis Lane industrial estate in Oxford, which was acquired from a private investor, provides industrial space at a current average rent of approximately £5/sq ft.
The third acquisition is the strategic purchase of a retail unit and service yard in Wantage adjoining a Waitrose store owned by Martin’s Properties.
Richard Bourne, CEO of Martin’s Properties, said: “We have been patient with the deployment of our capital over the past 12 months – instead focussing on developing and managing our current £400m portfolio, which now has close to zero vacancy rate and rental income up from £16m to £18m. We are now looking to harness our firepower and availability of cash by deploying a further £30m into development and lending opportunities in strong locations across London and Southern England.
“We are actively looking for further opportunities and JV partners as we seek to meet our ambitious growth plans through investing in strategic investment and development sites as well as lending and sourcing, managing and developing assets for third parties.”
Gary Sherwin, head of transactions at Martin’s Properties, added: “The acquisitions in Oxfordshire, reflect our focus on growth locations with low supply. Curtis Industrial Estate in Oxford is situated in an edge of city location with easy access to A34. We have identified multiple options for enhancing the asset in the short and medium term. Didcot is a key location for our investment into affluent areas with good transport links and increasing housing. The site is close to the town centre and the train station, offering significant development potential for a variety of uses.”
LSH acted for Martin’s Properties on the acquisition of Curtis Lane and CBRE acted for the vendor.
