Sandyford Properties has acquired two industrial assets located in Stoke-on-Trent and Cheshire in sale-and-leaseback deals for £4.7m, reflecting a combined net initial yield of 7.2%.
In Stoke, the company has purchased Festival Trade Park (pictured) from TCS Huxley – a manufacturer and supplier of live gambling products and solutions. The park has been let back to TCS for 10 years.
Sandyford has also acquired Astmoor Industrial Estate at 51-53 Brindley Road in Runcorn from Coral Products. The property is let to Coral subsidiary Alma Products and has been let back to the company on a 15-year lease. The two assets provide 66,000 sq ft of industrial space between them.
Paul Brindley, managing director of Sandyford Properties, said: “These transactions reflect our strategy to acquire robust, purpose-built industrial assets to grow our multi-let industrial portfolio. Both Festival Trade Park and Astmoor Industrial Estate are sites where we already have an established presence, and these acquisitions improve our holdings in these key markets”.
Sandyford was advised on the acquisitions by The Acquisition Group and PK3 Agency with Hill Dickinson and Davitt Jones Bould providing legal advice.
