Devonshire Property Group has acquired two light industrial estates in Norwich and Dorchester, offering nearly 60,000 sq ft of space, for an undisclosed price.
In Norwich, the firm has acquired the circa 40,000 sq ft City Trading Estate, comprising six units ranging from 4,970 sq ft to 8,720 sq ft, from a UK-based fund.
The company has also acquired Poundbury West Industrial Estate in Dorchester from Melville Property Group. The estate comprises two units, offering more than 18,000 sq ft, which are currently let to Jewsons and ScrewFix.
Andrew Byrne, group property development director of Devonshire Group, said: “We are very pleased to have been able to complete these two important acquisitions so early in the year, as we look to expand and re-balance our commercial property portfolio. Both assets provide strong rental characteristics due to their prime locations, size and robust tenant covenants, aligning them perfectly with our investment strategy.
“However, this is just the start of what we want to achieve this year, as we look to build upon our recent successes in acquiring and improving small to mid-sized mixed-use assets across the UK. We are continuing to seek opportunities similar to the ones we have just completed and hope to grow our portfolio by around a third by the end of the year.”
Devonshire Property Group was advised by CBRE on the Dorchester deal. Cushman & Wakefield acted for the group on the acquisition in Norwich.
